Chile plans to nationalize its vast lithium industry

It poses a fresh challenge to electric vehicle manufacturers scrambling to secure battery materials, as more countries look to protect their natural resources. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020.

The government would not terminate current contracts, but hoped companies would be open to state participation before they expire, he said, without naming Albemarle and SQM, the world's No.1 and No.2 lithium producers respectively.SQM, formally called Sociedad Quimica Y Minera de Chile, and Albemarle supplyAlbemarle said the announcement would have "no material impact on our business" and it would continue talks on investing in further growth and using new technologies in Chile.

"When or if battery makers renew their contracts with lithium firms in Chile, contract conditions would likely become more difficult than what they saw in the past when there was no state involvement," said Cho Hyunryul, an analyst at Samsung Securities. Congress has been a check on many of Boric's more ambitious proposals and shelved a proposed tax reform bill in early March.

इंडिया ताज़ा खबर, इंडिया मुख्य बातें

Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।

Chile plans to nationalize its vast lithium industryChile's President Gabriel Boric said on Thursday he would nationalize the country's lithium industry, the world's second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment.
स्रोत: Reuters - 🏆 2. / 97 और पढो »

Chile's Boric announces plan to nationalize lithium industryChilean President Gabriel Boric said on Thursday he would nationalize the country's lithium industry and create a separate state-owned company to produce the metal used to make electric vehicle batteries.
स्रोत: Reuters - 🏆 2. / 97 और पढो »