The Chinese company Tianqi Lithium has attacked SQM and its president of the board of directors, Gonzalo Guerrero, raising doubts about the delivery of Maricunga to Codelco. The firm has threatened legal action to force a binding shareholders meeting. However, Guerrero was unanimously elected as helmsman of the table.
Tianqi criticizes Guerrero and questions the association with Codelco
Tianqi Lithium has denounced that the president of SQM, Gonzalo Guerrero, has failed in his duty of impartiality and loyalty towards shareholders. Furthermore, he has raised questions about the handover of Salar Maricunga to Codelco, stating that there are undeclared aspects that are crucial to understanding the impact of this alliance.
Tianqi threatens legal action to force shareholder meeting
Tianqi Lithium has formally requested that the alliance operation between SQM and Codelco be submitted to the shareholders’ meeting in accordance with the Corporations Law. However, SQM’s management has refused to call said meeting, which has led the Chinese firm to affirm that it will assert its rights as a shareholder in the corresponding legal instances.
Tianqi’s annoyance with Guerrero’s statements
The Chinese company has expressed its discomfort with the statements of the president of the board of directors of SQM, Gonzalo Guerrero, which it considers compromise impartiality and loyalty towards shareholders. Tianqi maintains that it is essential that the company’s senior management adhere to strict protocols to ensure transparency and respect for the rights of all shareholders.
Tianqi accusations regarding the operation with Codelco
Tianqi has charged that the proposed structure for the alliance operation with Codelco appears designed to avoid calling a shareholders meeting. The Chinese company demands clear explanations about this structure and states that the operation involves the disposal of strategic assets that must be put to a vote at the shareholders’ meeting. Furthermore, he considers that the information available about the pact is insufficient and suspicious.
SQM will invest in lithium production in Chile and Australia
The mining company SQM will invest US$ 2,440 million in 2024, allocating 73% of this expense to expanding lithium production capacity in Chile and Australia. The company will also allocate funds to the lithium plant in Mount Holland, Australia, to exploration in that country and to iodine and nitrate projects in Chile. Lithium accounted for 70% of the company’s revenue in 2023.
