Chile plans to have 3 or 4 new lithium projects operational by 2026

Chile is the second-largest producer of lithium in the world, and its Minister of Finance, Mario Marcel, has announced the country’s plans to have three or four new lithium projects up and running by 2026. The South American nation implemented a policy last year to increase state control of the strategic metal, which is required in the production of batteries for electric vehicles. Mario Marcel made this announcement after meeting with Janet Yellen, the U.S. Treasury Secretary, who was on a tour of the country.

There are currently only two producers of lithium in Chile – Albemarle and SQM – with investors still waiting for the government of President Gabriel Boric to define its national lithium strategy as it seeks public-private partnerships to develop its lithium salt flats.

Earlier this week, the mining minister of Chile announced that the government intends to finalize tenders for lithium exploration for private companies by the end of the first quarter of this year.

As part of the efforts to expand the long-stalled lithium industry, Codelco, Chile’s state-owned copper mining company, has been selected to represent the Chilean state in the new public-private model for lithium, led by Minister Juan Carlos Jobet.

Major countries in worldwide lithium mine production in 2023

1. Australia: 86,000 metric tons
2. Chile: 44,000 metric tons
3. China: 33,000 metric tons
4. Argentina: 9,600 metric tons
5. Brazil: 4,900 metric tons
6. Canada: 3,400 metric tons
7. Zimbabwe: 3,400 metric tons
8. Portugal: 380 metric tons

In 2023, Australia was the world leader in terms of lithium mine production, with an estimated output of 86,000 metric tons. Chile and China ranked second and third, with lithium production totaling 44,000 and 33,000 metric tons, respectively.

Treasury Secretary Janet Yellen said the US is likely to increase mineral imports from Chile. “I can’t tell you numbers but I imagine that we will be expanding substantially our purchases from Chile,” she told reporters Saturday after visiting an Albemarle Corp. lithium processing facility in the northern city of Antofagasta. “We’ve been talking about that throughout the trip.”

“As we accelerate toward a clean energy future, our already strong economic relationship is poised for further strengthening,” Yellen said in a speech earlier Saturday.

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