During the 2024 Shareholders’ Meeting, Codelco referred to its foray into the lithium industry and indicated that between 2025 and 2030, Chile will receive about 70% of what the new production generates.
During Codelco’s 2024 Shareholders’ Meeting, held yesterday morning, the state company referred to its foray into the lithium industry. The president of the Board of Directors, Máximo Pacheco, recalled that negotiations with SQM began in May 2023, after Corfo asked the company to find the best ways to materialize the State’s participation in the development of lithium in the Salar de Atacama starting in 2025. A Memorandum of Understanding has already been signed on December 27, 2023, and the definitive agreement is expected to be signed at the end of next May.
“Certain interested voices have labeled the safeguards we had to maintain confidentiality as “opacity.” This is not opacity: it is responsibility with what is at stake here for companies, communities and the country, which looks at the ongoing process with justified expectation,” she emphasized. Furthermore, he defended direct negotiation over a tender: “Experimenting with a tender and postponing entry into the lithium business until 2030 did not give any guarantee of obtaining benefits. and we assumed the risks of a long process,” he added.
Although the confidentiality of the negotiation with SQM prevents providing details, Pacheco identified some relevant figures: Between 2025 and 2030, the State of Chile, through Codelco, Corfo and the treasury, will receive approximately 70% of what the new production generates; and as of January 1, 2031, the State of Chile will receive 85% through Corfo, taxes and Codelco.
Also in lithium, he explained that for the development of the project in the Salar de Maricunga a key milestone was the purchase of LPI with its Salar Blanco project, since will allow us to consolidate ownership of the mining properties in the salt flat, acquire water rights, and anticipate the development of the exploitation project by approximately four years. (compared to one based on Codelco’s assets) and acquire competitive advantages in terms of permits and environmental authorization, among others.
“The possibilities that we are making viable with these projects will give our country the opportunity to to once again be the lithium leader worldwide, precisely at a time when the energy transition imposes an urgent demand for lithium and copper,” he concluded.
The Minister of Mining, Aurora Williams, mentioned that “the mandate given by the President of the Republic in April 2023 today bears fruit, through the negotiation that (Codelco) holds with SQM in the Salar de Atacama; In Maricunga, the Ministry of Mining began the indigenous consultation for the modification of the contract, and we look forward to the results that can be obtained in Pedernales.”
If you are interested in receiving news published in Mining Report | The mining portal in Chile, register your email here
If you are going to use content from our newspaper (texts or simply data) in any media, blog or Social Networks, indicate the source, otherwise you will be incurring a crime sanctioned by Law No. 17,336, on Intellectual Property. The above does not apply to photographs and videos, since their reproduction for informational purposes is totally PROHIBITED.
COMMENT HERE
