Codelco and SQM Team Up for Lithium Expansion in Atacama

Chile's competition regulator has approved Codelco and SQM's joint venture to boost lithium production in the Atacama salt flats. While the deal has been endorsed by several international regulators, approval from China's regulator remains pending.

Chile's competition regulator has given the green light on a significant deal between the state-run copper giant, Codelco, and SQM. This joint venture aims to expand lithium production in the Atacama salt flats, as confirmed in a statement released by Codelco on Thursday.

The approval from the local FNE regulator comes on the heels of similar decisions in the European Union, Brazil, Japan, South Korea, and Saudi Arabia. However, the venture still awaits a crucial nod from China's regulatory authorities.

This collaboration marks a pivotal move in the global lithium market, highlighting Chile's strategic role in international energy transitions and aiming to position both companies at the forefront of this burgeoning sector.

(With inputs from agencies.)