© Reuters. FILE PHOTO: Chile’s Finance Minister Mario Marcel attends a press convention with U.S. Secretary of the Treasury Janet Yellen (not pictured) on the Finance Ministry constructing in Santiago, Chile, March 1, 2024. REUTERS/Ivan Alvarado/File Picture
SANTIAGO (Reuters) – Chile needs to have three or 4 new lithium initiatives operational by 2026, the nation’s Minister of Finance Mario Marcel mentioned on Saturday.
The South American nation – the world’s largest producer and the second-largest producer of lithium – initiated a coverage final 12 months to extend state management of the strategic metallic wanted in batteries for electrical autos.
Marcel spoke following a gathering with U.S. Treasury Secretary Janet Yellen, who has been touring the nation.
On Saturday, Yellen visited the U.S. lithium producer Albemarle (NYSE:) in northern Chile, saying expanded U.S.-Chilean ties would profit each international locations, enhance vitality safety and assist obtain key local weather targets.
There are presently solely two producers of lithium in Chile – Albemarle and SQM – with traders nonetheless ready for the left-wing authorities of President Gabriel Boric to outline its nationwide lithium technique because it seeks public-private partnerships to develop its lithium salt flats.
Earlier this week, Chile’s mining minister mentioned the federal government had hoped to finalize lithium exploration tenders within the first quarter of this 12 months for personal corporations.
Chile’s state-owned copper mining firm, Codelco, has been chosen to symbolize the Chilean state within the new public-private mannequin for lithium as Boric seeks to broaden the long-stalled trade.
