SQM completes Codelco lithium merger after Chile court rejects appeal
Lithium brine ponds in northern Chile. (Image courtesy of SQM)
Chilean lithium producer SQM said on Tuesday that its merger with state-owned Codelco’s lithium unit is fully complete after Chile’s Supreme Court rejected an appeal that had been holding up the transaction.
Chile’s Supreme Court on Monday upheld a lower court decision allowing the deal to go through, rejecting an appeal by SQM shareholder Tianqi.
The deal allows the firms to produce lithium in Chile’s Atacama salt flat as part of a government push to widen state control of the industry and expand output.
Chile is the world’s second-largest producer of lithium, a critical component for electric vehicles and battery storage.
(By Kylie Madry; Editing by Daina Beth Solomon)
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