On Oct. 11, Chile's Constitutional Court put the brakes on a $4 billion deal allowing the sale of A 24 percent stake in SQM to China's Tianqi Lithium Corp.
SQM Mining News
The Constitutional Court said it would hear arguments in the case on Oct. 22.
The country's antitrust court has approved a deal between the competition regulator and Tianqi, allowing the Chinese miner to buy a nearly one-quarter stake in lithium producer SQM .
Partners may lose their right to develop the Mt Holland lithium project after a recommendation by a unit of the West Australian government that regulates mining leases.
Chile is preparing major new restrictions on the extraction of water from the lithium-rich Salar de Atacama salt flats, home to top lithium miners Albemarle and SQM.
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The $87.5-million deal is the latest Chinese acquisition of a lithium project in South America, following Tianqi Lithium’s decision to buy 24% of SQM for $4.1 billion, which has not yet been approved by Chile’s antitrust regulator.
Short selling of shares in lithium miners SQM, Albemarle, Galaxy and Orocobre has ballooned this year, reflecting a sign of growing scepticism.
The bond had an annual interest rate of 4.5 per cent and a duration of 15 years, Calichera said in a note to the market regulator.
Chilean lithium miner SQM on Wednesday night announced the resignation of its chief executive Patricio de Solminihac.
Unexpected leadership changes within a day at the world’s two largest lithium producers underscore concerns over a lack of executive experience in the industry amid a nascent boom for the battery metal.
The Competition Commission of India green-lighted the $4.1 billion deal reached in May between the Canadian potash giant and China’s Tianqi Lithium.
The country's antitrust regulator is investigating the effects on the market of Chinese miner Tianqi Lithium acquisition of a 24% stake in SQM, the world's second largest lithium producer,
It produced 4,600 tonnes of lithium more than Chile in 2017 boosted mainly by record output at Mt Cattlin and Mt Marion mines.
SQM has retained former chairman Julio Ponce as an adviser despite an agreement to distance himself from the firm to end a long-running royalties dispute.
Chilean lithium producer SQM shares punished after $1 billion of shares auctioned below ruling price.
While lithium today isn’t the linchpin of Chile’s economy (that would be copper), miners are aggressively expanding production.
SQM, world no 3 lithium miner, plans to nearly quadruple capacity in fewer than three years – to the equivalent of 84% of global output last year.
Chilean miner SQM said on Thursday that it would invest $525 million to boost its lithium production capacity in Chile through 2021.
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.
The Asian firm has bought a 24% stake in Chile’s Sociedad Quimica y Minera (SQM), one of the world’s biggest lithium producers.
The Deputy Secretary for Sustainable Mining is scheduled to meet with executives from Australia's largest mining companies and banks.
The world’s largest potash miner said it expected to have an announcement on the matter by the end of June.
Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.