Chile gives Albemarle option to boost lithium quota by 240,000 metric tons

Chile's economic development agency CORFO on Wednesday said it reached an agreement with U.S.-based Albemarle to establish an option for the company to increase its production quota by 240,000 metric tons of lithium metallic equivalent (LME).

To access the higher quota, Albemarle would need to prove the use of sustainable technology such as direct lithium extraction, consult local indigenous communities, and obtain environmental permits, CORFO said in a statement.