The national government lithium strategy faces a significant setback after the decision of Chinese companies byd and Tsingshan to leave key projects in northern Chile.
According to the newspaper Financialboth companies, selected by Corfo to access preferential prices and guaranteed lithium carbonate supply produced by SQM, did not advance in the construction of their plants, which had to be operational this month producing batteries and cathodes.
Factors such as lithium prices drop, changes in market conditions and bureaucratic obstacles would have influenced this decision.
In 2022, Stella Li, Executive Vice President of Byd, had already expressed concern about the slowness of the process: “The project is, in a certain way, in pause,” he said, pointing to Corfo’s unclear communications and the government about the future of the plan.
-Finally, Byd entered his request for withdrawal in January 2025, as confirmed by Corfo, citing difficulties in the world market of lithium as the main reason.
For its part, Tsingshan, who had planned to invest US $ 233 million in a battery plant in mussels, also decided to retire.
According to statements collected by the aforementioned medium, “the plants are not going to be seen unless the investments in lithium are not released.”
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