Codelco has reached an agreement with SQM to establish a lithium joint venture in the Atacama Desert

Codelco, the Chilean National Copper Corporation, has reached a landmark agreement with SQM, the Chilean chemical mining company, aimed at increasing lithium extraction in the country's Atacama Desert. Through this agreement, the Chilean government gains control over one of the world's richest lithium mineral reserves. According to a statement released by both companies last Saturday, the state-owned copper giant has formed a joint venture named NovaAndino Litio SpA with lithium producer SQM. This joint venture is a merger of Codelco's subsidiary Minera Tarar SpA and SQM Salar SpA. The company stated that this transaction will have a positive and substantial impact on Codelco's financial performance in 2025. As part of the deal, SQM has transferred all its mining concessions in the Salar de Maricunga to Codelco