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Search resuls for: "Alexander Villegas Ernest Scheyder"


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☆ Chile bid to boost state control over lithium spooks investors
  + stars: | 2023-04-21 | by ( Alexander Villegas Ernest Scheyder | Alexander Villegas | Ernest Scheyder | ) www.reuters.com   time to read: +5 min
SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. SQM has a larger footprint in Chile, with 81,000 hectares (about 200,000 acres) for lithium extraction compared with Albemarle's 16,000 hectares. Argentine state energy firm YPF last year began exploring lithium, while Bolivia has long maintained strict control over its huge though largely untapped resources. Mexico's President Andres Manuel Lopez Obrador and Bolivia's Luis Arce have touted the idea of a regional lithium "OPEC" to coordinate on lithium policy and benefit local economies.
☆ SQM, Albemarle shares slide on Chile lithium nationalization plan
  + stars: | 2023-04-21 | by ( Alexander Villegas Ernest Scheyder | Alexander Villegas | Ernest Scheyder | ) www.reuters.com   time to read: +3 min
The move would see Chile, the world's second largest lithium producer, shift to a model with the state holding a controlling interest in all new lithium projects through a public company that would partner with private mining firms. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. In early trading on Friday, Chilean firm SQM's U.S.-listed shares slid 6.2%, while Albemarle was down 2.5%. SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mining shares in London fell sharply too.
☆ Chile plans to nationalize its vast lithium industry
  + stars: | 2023-04-21 | by ( Alexander Villegas Ernest Scheyder | Alexander Villegas | Ernest Scheyder | ) www.reuters.com   time to read: +4 min
The shock move in the country with the world's largest lithium reserves would in time transfer control of Chile's vast lithium operations from industry giants SQM (SQMA.SN) and Albemarle (ALB.N) to a separate state-owned company. "Nevertheless, projects with strategic values for the country, this partnership has to have a majority participation of the state," Boric said. The president added that there will be a division dedicated to advancing technology to minimize environmental impacts, including favoring direct lithium extraction over evaporation ponds. Privately held Summit Nanotech Corp, which is developing direct lithium extraction technology and recently opened a Santiago office, welcomed Boric's announcement. Boric said the country would look to protect biodiversity and share mining benefits with indigenous and surrounding communities as lithium extraction evolves.
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