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The nationalization of lithium in Chile also aims to increase decarbonization, that is, to contribute to the production of batteries for electric cars.
Chilean President Gabriel Boric recently announced a plan to nationalize the country's lithium production industry, with a view to increasing national wealth and laying the groundwork for a greener economic future. Lithium is a valuable mineral used in electric car batteries and other electronic devices, and Chile is the second largest exporter in the world, with an estimated reserve of about half the global reserve, according to the website Insideevs Uol.
The plan, called the National Lithium Strategy, includes a series of measures to incorporate capital, technology, sustainability and added value in a public-private model. The intention is for lithium production to be led by the State, through the Corporación Nacional del Cobre de Chile (Codelco), one of the largest state-owned copper mining companies in the world, and Empresa Nacional de Minería (ENAMI), along with private sector participation.
Main points of the national Lithium production strategy
- Creation of the National Lithium Company
- Creation of a Network of Protected Salt Flats with low environmental impact technologies
- Modernization of the institutional structure
- Creation of an Institute for Technological and Public Research on Lithium and Salares
- Incorporation of the State into the productive activity of the Salar de Atacama
- Exploration of other salt flats
President Boric emphasized that the lithium production strategy will protect biodiversity and indigenous rights, and help distribute gains from mineral wealth more widely among Chileans. He also explained that control of the operations will only be assumed by the State when the contracts in force are renewed. SQM's contract will expire in 2030 and Albemarle's in 2043, but Boric hopes the companies will be open to early state participation.
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The plan now needs to pass through Chile's National Congress, but Boric plans to do so later this year, despite resistance from the house of late to the current Chilean leader.
The future of the lithium production market
In addition to Chile, several countries, including Australia, Argentina, Bolivia, China, the United States and even Brazil, are trying to increase the lithium market. This is due to the demand growing demand for electric car batteries and other electronic devices, which use the mineral. Recently, Mexico has also increased its lithium production.
Chile is working to become a global leader in lithium production and preparing the country for a green economy of the future. The nationalization of the lithium production industry is a bold move, but the Chilean government believes it will benefit the country's economy and population.
