Codelco to Take Charge of Lithium Negotiations in the Atacama Salt Flat

Corfo, the Chilean economic development agency, has presented a formal document to Codelco, the state-owned copper mining company, officially designating it as the State’s representative in future lithium mining contracts. This move aims to kickstart the implementation of the National Lithium Strategy, which was introduced by President Gabriel Boric in April. In a meeting between senior executives from Corfo and Codelco, the initiation of proceedings was formalized, allowing the Chilean State to directly participate in lithium production operations in the Atacama Salt Flat. Corfo, as the owner of the lithium deposits in the area and the organization responsible for promoting the development of lithium mining for the benefit of local communities and the country, has set out the minimum conditions for future lease agreements. These conditions will require approval from Corfo’s board of directors and relevant administrative and regulatory authorities. José Miguel Benavente, Corfo’s Executive Vice-President, emphasized that existing contracts will be upheld as long as the lithium reserves remain under Corfo’s control and are extracted through lease agreements. He also stated that the negotiation process with companies currently operating in the Atacama Salt Flat or other interested parties represents an opportunity to meet President Boric’s goal of the State’s involvement in lithium mining operations before the current lease agreements expire. Codelco’s Chairman, Máximo Pacheco, announced that the company will enter into negotiations to establish public-private partnerships that ensure continuity in lithium mining activities beyond 2030. As a state-owned company, Codelco intends to hold a majority share in these partnerships. Pacheco emphasized the strategic importance of lithium mining for both the company and the Chilean State, as it positions Codelco as a leading producer of vital minerals for the global energy transition. The minimum conditions outlined by Corfo for future lease agreements include maintaining the State’s benefits, enforcing environmental and community relations requirements, supporting R&D financing and scientific-technological cooperation, and providing preferential prices on lithium products to companies engaged in value-added operations in Chile. These conditions aim to safeguard the State’s interests, promote sustainable development, and uphold environmental standards.

Source link

Leave a Replay

About VujaDE

Venture Capital fund focused on resolving global problems through innovative technologies, we invest in AGTech, DeepTech, LegalTech and HealthTech.

Recent Posts

Get in to the inner circle

Join our online realtime community at Discord

Meet Founders, Limited Partners, and the VujaDE Team. Get access to great industry knowhow from experts and more…