- Apr 21, 2023, 10:30 AM CDT
The announcement sent shares in the world's biggest lithium producers, Albemarle Corporation and SQM, tumbling on Thursday and early Friday. The Chilean move to nationalize its huge lithium extraction industry, the crucial first step in the battery production supply chain, is aimed at protecting the environment and boosting economic growth, President Boric said in a televised address on Thursday.
Under the plan, Chile will not rescind existing contracts with private companies but will not issue new ones unless the license holder includes a state-controlled public-private entity.
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