Codelco forms joint venture with Quiborax for lithium exploration

Chile’s state miner Codelco and the Chilean acid producer Quiborax have created a joint venture to secure a special lithium operation contract for the Salar de Ascotan salt flat in northern Chile, the companies said on Thursday.

The partnership, called Minera Ascotan SpA, has an initial 34% stake for Codelco and 66% for Quiborax, but will seek a new majority partner once the contract is obtained.

The companies applied for the contract as a consortium in January 2025. The Mining Ministry is expected to present the new joint venture and its contract terms to Chile’s Comptroller General in coming weeks.

Codelco appointed Jaime San Martin and Felipe Killian as directors, while Quiborax named Allan Fosk, Ignacio Riva Posse and Yatsen Lee. Daniel Ocqueteau will serve as the joint venture’s general manager.

Salar de Ascotan is Chile’s third-largest salt flat by surface area with underground content. The salt flat has not been explored for lithium but has attractive exploration potential.

The venture is part of Chile’s National Lithium Strategy to maintain the country’s role in the global lithium industry.

“Lithium is key to the planet’s energy future, and Chile has a unique opportunity,” Codelco board president Maximo Pacheco said.

(By Iñigo Alexander; Editing by Cassandra Garrison)