Albemarle wants to start lithium negotiations in Chile soon -minister
SANTIAGO, May 30 (Reuters) -Albemarle ALB.N expressed interest in starting negotiations soon with Chile on the government's campaign to gain majority control of lithium mining projects Mining Minister Marcela Hernando said on Tuesday.
The U.S. company wants to begin talks "as soon as possible," Mining Minister Marcela Hernando said on Tuesday.
Chile's government launched a plan in April to gain a majority stake in new lithium projects considered strategic, as well as in the current operations in the Atacama.
"They (Albemarle) have only verbally stated that their interest is to start negotiations as soon as possible," Hernando told reporters after a presentation of a report on lithium price and production projections.
The ministry told Reuters in a statement later the government will respect the contract currently in force until 2043, and state-run miner Codelco will be leading the talks.
Albemarle did not immediately respond to a request for comment on the minister's statements.
Albemarle said earlier this month that it's open to renegotiating its lithium contract in Chile before 2043, but planned to do so towards the end of its contract and would seek access to more deposits in the South American country.
Codelco, which has been appointed by the government to negotiate state control in the industry, recently started talks with SQM about its contract, which expires in 2030.
The start of negotiations will depend on Albemarle and Codelco, Hernando said, adding the government is interested in starting negotiations soon.
Reporting by Fabian Cambero; Writing by Valentine Hilaire; Editing by Cynthia Osterman
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
