China's BYD, Tsingshan scrap plans for Chile lithium plants, newspaper reports
SANTIAGO, May 7 (Reuters) - Chinese automaker BYD and metals group Tsingshan have both informed Chilean authorities that they are withdrawing plans to construct lithium processing plants in Chile, newspaper Diario Financiero reported on Wednesday.
BYD (002594.SZ), opens new tab filed its intent to withdraw with the national assets ministry, while Tsingshan told development agency Corfo it would no longer pursue the project, the newspaper said.
Tsingshan confirmed to Reuters that it had withdrawn its plans while BYD declined to comment.
Last May, BYD said it had postponed plans to produce a lithium cathode plant for electrical vehicles in Chile's north. The $290 million investment was originally slated to come online this year.
Tsingshan, meanwhile, had plans for $233.2 million plan to produce lithium iron phosphate (LFP), which was also originally slated to become operational this year.
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