中国官方附条件批准智利铜业与智利化工新设合营企业案

Core Points - The State Administration for Market Regulation approved the establishment of a joint venture between Codelco (Chilean National Copper Corporation) and SQM (Sociedad Química y Minera de Chile) with additional restrictive conditions to ensure fair competition in the lithium carbonate supply market [1][2] - The joint venture will operate the lithium mining project in the Atacama Salt Flat, which is crucial for the supply of lithium carbonate, a key raw material for lithium batteries and electric vehicles [1][4] Group 1: Joint Venture Details - Codelco and SQM plan to form a joint venture through asset injection, focusing on the Atacama Salt Flat lithium project [1][4] - The joint venture will control lithium mining rights from 2031 to 2060, while SQM currently operates the project until the end of 2030 [4] Group 2: Market Analysis - The joint venture is expected to impact the import lithium carbonate market in China, which has a significant reliance on imports, particularly from Chile [9][10] - Between 2021 and 2024, Chile accounted for 75%-90% of China's lithium carbonate imports, highlighting the importance of this market [9] Group 3: Competitive Impact - The merger may enhance the market control of the combined entity in the Chinese lithium carbonate market, where SQM has been the largest supplier with a market share of 50%-70% during the same period [10] - The transaction could lead to increased coordination among major competitors in the lithium carbonate market, raising concerns about potential anti-competitive behavior [11][12] Group 4: Regulatory Conditions - The approval includes commitments from the joint venture to ensure fair and non-discriminatory supply to Chinese customers, maintain existing contracts, and report significant supply changes [14][15] - The commitments are legally binding and will be monitored by the regulatory authority for compliance over a period of 10 years [15]