Chilean miner SQM said on Thursday that it would invest $525 million to boost its lithium production capacity in Chile through 2021.
Chile Mining News
Chengdu-based Tianqi is seeking to almost triple production capacity through 2020.
There is an emerging oligopoly in one of the hottest elements on the periodic table, lithium.
SQM shares plunge after Tanqi Lithium acquisition seems to indicate cooling fervour for lithium assets.
The Asian firm has bought a 24% stake in Chile’s Sociedad Quimica y Minera (SQM), one of the world’s biggest lithium producers.
Quellaveco is one of the world’s largest untapped copper orebodies and Anglo’s board is set to decide later in the year whether or not to green-light development of the $5.5bn mine.
Roberto Venegasa, an employee of equipment supply firm Finning, died during routine maintenance work at the mine, the company said.
The project joins two mines - one belonging to Goldcorp and the other to Teck Resources.
The mine, behind schedule ever since it began producing in May 2014, has been affected by a series of technical problems in its ramp-up phase, costing its owners hefty impairment charges.
The world’s largest potash miner said it expected to have an announcement on the matter by the end of June.
Australia's Lithium Power International and Canada's Bearing Lithium have sued Chile to block state-run Codelco from exploiting a lithium deposit where both have claims.
The miner said it would take up to three months for stocks to return to normal, which will affect both projected output and sales in the six months ending June 30.
Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.
Kidman Resources has chosen a site in Kwinana, Western Australia with Chilean joint venture partner SQM to develop a lithium processing plant.
Lack of new projects, investment deficit and increasing political risk will hit supply of cobalt, lithium, copper and nickel, key metals for making the batteries that power electric cars.
Australian lithium producer Galaxy Resources said it was evaluating “strategic options” for its project in Argentina, which remains in the feasibility stage.
What the bears seem to have in common is the belief that a rush of new lithium supply will soon hit the market.
Antofagasta’s First Environmental Tribunal decided to reverse a decision that forbade the Dominga copper and iron ore project from going forward.
If China’s Tianqi grabs a stake in Chile’s SQM, the world’s lowest cost lithium miner, it would mean the top three producers would control at least 80% of the total market, Chile’s government has said.
Then Mining Minister said Codelco has to keep up production levels so that it can remain Chile and the world’s No.1 copper miner.
Soc. Quimica & Minera de Chile SA sits on the world’s richest deposit of lithium and already produces more than 20 percent of the global supply.
The week-long Expomin event in Chile offered a glimpse at both how far the industry has come -- and how far it has to go.
The official deadline to start contract discussions begins in June.
Copper production fell to 153,800 tonnes from 171,900 tonnes, due mostly to lower grades at the company's Centinela and Los Pelambres mines.
Mina Justa, which is expected to require investment of around $1.6 billion, is due to begin construction in the second half of 2018.