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Chile's SQM signs lithium joint venture project in Argentina

Published 2016-03-28, 03:04 p/m
© Reuters. Chile's SQM signs lithium joint venture project in Argentina
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SANTIAGO, March 28 (Reuters) - Chilean chemicals firm SQM
said on Monday that it had entered into a joint venture with
Canadian junior miner Lithium Americas to develop a lithium
project in Argentina, at a time when demand and prices for the
key battery ingredient are rocketing.
SQM and Lithium Americas WLC.TO said in a statement that
they will immediately move forward with an updated feasibility
study for the Cauchari-Olaroz lithium project near the Chilean
and Bolivian borders.
The study will examine the economic feasibility of a project
with annual output of 40,000 tonnes of lithium carbonate
equivalent, they said.
SQM SQMa.SN SQM_pb.SN SQM.N , one of the world's
biggest lithium producers with access to lucrative reserves in
northern Chile, has been on uneasy terms with the Chilean
government in recent months and has previously expressed an
interest in tapping resources outside the country.
The Argentine lithium market, meanwhile, is attracting
foreign investors thanks to the recent election of a
market-friendly government and interest in the mineral from
electric vehicle manufacturers who use lithium in their
batteries.
SQM will contribute technical expertise to the new venture
and has paid $25 million for a 50 percent stake in a subsidiary
of Lithium Americas, which recently changed its name from
Western Lithium.
Earlier this month, Australian junior mining company
Orocobre Ltd ORE.AX told Reuters it is on track to reach full
production by September at its nearby Olaroz
project.

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