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Chile plans to nationalize its vast lithium industry

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Chile'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.

Albemarle 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., the second largest shareholder of SQM, did not immediately respond to Reuters’ requests for comment.

The announcement by Chile helped spark a lithium price rally in Asia in volatile trade on Friday, as it eased market concerns over excess supply triggered by a sharp slowdown this year in EV sales in China, the world's biggest auto market.A view of a brine pool of a lithium mine on the Atacama salt flat in the Atacama desert, Chile, August 16, 2018.

"Policy stability is very important for any mining project ... Mining-friendly jurisdictions like Australia would be places where incremental funds get invested," said Harsh Bardia, an analyst at National Australia Bank's private wealth arm JBWere.Boric said state-owned Codelco, the world's largest copper producer, will be tasked to find the best way forward for a state-owned lithium company and he would seek approval from Congress for the plan in the second half of the year.

Codelco and state miner Enami will be given exploration and extraction contracts in areas where there are now private projects before the national lithium company is formed.

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