Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
---|
Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
---|
Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
---|
Chile's state-owned mining company, Codelco, is targeting the start of lithium production at its Maricunga site by 2030.
The Santiago, Chile-based company is developing the project from scratch and searching for a partner for such an endeavor.
Rothschild & Co is evaluating partner candidates, according to Reuters. Codelco aims to conclude the partner search by the first quarter of 2025.
See Also: Antofagasta Signs $600-Million Deal To Boost Water Supply For Centinela Expansion
The Maricunga site, located in the Atacama Desert, is expected to supply a substantial amount of lithium — an essential metal in electric vehicle (EV) batteries. There are two phases for the project:
Despite President Gabriel Boric‘s mandate to utilize DLE for its environmental benefits, the long-standing tradition of using evaporation ponds suggests that DLE technology is not yet ready for large-scale adoption.
Codelco aims to change this. The recently announced partnership with SQM (NYSE:SQM) targets DLE adaptation by 2023. Announcing the partnership at a press conference, Codelco chair Maximo Pacheco addressed the situation regarding Maricunga.
“We are looking for a partner with strong financial backing, proven experience in partnerships, and substantial knowledge of lithium. Our selection process is designed to be extraordinarily open and flexible,” he said.
“We will consider all proposals and evaluate them based on how they align with our strategic objectives,” he clarified, noting that between 30 and 40 companies, including international firms, have expressed interest in the project.
Now Read: US Lithium Industry Gets A Win As Piedmont Saga Advances, But Permitting Remains A Headwind
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get started!
Posted In: SQM