The country's state development agency says Albemarle has failed to provide as much as 25% of its annual production at a discount to companies seeking to produce battery metals within Chile, as stipulated in a contract signed in 2016.
Albemarle Corp Mining News
That deal is expected to end years of wrangling over ownership rights to Grasberg, the world's second-biggest copper mine.
Mineral Resources shares spiked on the news, closing Thursday 26.6% higher at A$15.76.
While lithium giants like SQM and Albemarle tangle with one another over scarce lithium brines and water, a beautiful lithium mine in Nevada’s Clayton Valley is taking shape.
Albemarle says it expects to ultimately receive approval to produce more lithium from Chilean Nuclear Energy Commission (CCHEN).
Peruvian President Martin Vizcarra says his government will likely pass laws within six months needed to tap a new lithium and uranium deposit, removing a major hurdle for Canadian miner Plateau Energy Metals' proposed $800 million mine.