Core Viewpoint - Chile's state-owned copper company and lithium giant have announced the formation of a large enterprise to enhance lithium resource development, aiming to regain its leading position in lithium production, which has been ceded to Australia over the past decade [1][3]. Group 1: Joint Venture Formation - A public-private partnership named "Nova Andino Litio SpA" has been established to explore, extract, produce, and commercialize lithium in the Atacama salt flat in northern Chile, with operations planned until 2060 [3][4]. - The partnership agreement was signed on May 31, 2024, and has received approvals from over 20 regulatory bodies, including those from China, Brazil, Saudi Arabia, the EU, and Chile [3]. Group 2: Operational Structure and Profit Distribution - The board of the new joint venture will consist of three representatives from each company, with the first meeting scheduled for December 29 [4]. - The operation will be divided into two phases: from 2025 to 2030, led by the chemical mining company, and from 2031 to 2060, where the copper company will hold a majority stake [4]. - The Chilean government will receive 70% of the joint venture's operating profits from 2025 to 2030, increasing to 85% from 2031 onwards [4]. Group 3: Production Goals - The joint venture plans to add 300,000 tons of lithium carbonate equivalent production capacity between 2025 and 2030, aiming for a stable annual output of 280,000 to 300,000 tons starting in 2031 [4].
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