Chile’s president Gabriel Boric has announced he will nationalize the country’s lithium industry into a new “National Lithium Company.”
Chile currently produces around 30% of the world’s lithium.
The move will have a significant impact on both Chilean miner SQM and and US-based Albemarle. Reuters reports the government would not terminate current contracts, but hoped companies would be open to state participation before they expire. SQM’s contract is set to expire in 2030 and Albemarle’s in 2043.
“This is the best chance we have at transitioning to a sustainable and developed economy. We can’t afford to waste it”
Gabriel Boric, April 20 in an address televised nationwide
The plans have to pass congress first.
Albemarle said the announcement would have “no material impact on our business”