Latest news with #MaximoPacheco
Yahoo
19-05-2025
- Business
- Yahoo
Rio Tinto invests in major Chilean lithium project
Chile's state-owned copper giant Codelco announced a partnership on Monday with British-Australian miner Rio Tinto to extract lithium from a salt flat that contains the world's second-biggest deposits of the prized metal. Mining companies are scrambling to get their hands on lithium, a key ingredient in electric car and smartphone batteries. Argentina, Bolivia and Chile together form the so-called Lithium Triangle, home to 60 percent of the world's deposits of the metal, according to the US Geological Survey (USGS). The Maricunga salt flat in northern Chile is second only to the Atacama salt flat on Chile's border with Bolivia in terms of its concentration of lithium in brine. Codelco, the world's biggest copper producer, said that Rio Tinto would invest $900 million to acquire a 49.99 percent stake in the joint venture, called Salar Maricunga SpA. Codelco itself would retain a controlling stake of 50.01 percent, it added. Chile is the world's second-biggest producer after Australia of the metal dubbed "white gold." Currently, all Chile's lithium comes from the Atacama salt flat. In 2023, Chilean President Gabriel Boric launched a plan to boost output by developing public-private partnerships to harness other deposits. Codelco chairman Maximo Pacheco said the new venture, which is expected to be finalized by the end of March 2026, was part of the company's diversification strategy. With a presence in 35 countries, British-Australian multinational Rio Tinto is the world's second-biggest mining conglomerate after Australia's BHP. It already has stakes in lithium projects in Argentina and Serbia. ps/pa/vel/cb/sla Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
France 24
19-05-2025
- Business
- France 24
Rio Tinto invests in major Chilean lithium project
Mining companies are scrambling to get their hands on lithium, a key ingredient in electric car and smartphone batteries. Argentina, Bolivia and Chile together form the so-called Lithium Triangle, home to 60 percent of the world's deposits of the metal, according to the US Geological Survey (USGS). The Maricunga salt flat in northern Chile is second only to the Atacama salt flat on Chile's border with Bolivia in terms of its concentration of lithium in brine. Codelco, the world's biggest copper producer, said that Rio Tinto would invest $900 million to acquire a 49.99 percent stake in the joint venture, called Salar Maricunga SpA. Codelco itself would retain a controlling stake of 50.01 percent, it added. Chile is the world's second-biggest producer after Australia of the metal dubbed "white gold." Currently, all Chile's lithium comes from the Atacama salt flat. In 2023, Chilean President Gabriel Boric launched a plan to boost output by developing public-private partnerships to harness other deposits. Codelco chairman Maximo Pacheco said the new venture, which is expected to be finalized by the end of March 2026, was part of the company's diversification strategy. With a presence in 35 countries, British-Australian multinational Rio Tinto is the world's second-biggest mining conglomerate after Australia's BHP. It already has stakes in lithium projects in Argentina and Serbia.
Reuters
29-04-2025
- Business
- Reuters
Codelco chairman says April copper output up, sees strong US and China demand
SANTIAGO, April 29 (Reuters) - Copper output from Chile's state-run Codelco rose 22% in April compared to the same period a year before, with an expected output of 105,000 metric tons, Chairman Maximo Pacheco said on Tuesday. The world's largest copper producer slightly recovered last year from a quarter-century production low, and is aiming to increase its output once more this year. Pacheco told an annual shareholders meeting on Tuesday that demand is strong for the red metal, even as he acknowledged geopolitical tensions associated with access to critical minerals. "The market looks good, it looks very strong in Asia, in China, in the United States, in Brazil," he said. Codelco previously said uncertainty around U.S. tariffs imposed by President Donald Trump's administration had prompted more copper shipments to the United States. He also noted that he was seeing more demand from China in the second quarter. Pacheco said he has been working to promote the construction of a new copper smelter in Chile, and that Codelco has offered to supply 1.2 million tons of copper annually in a 20-30 year contract as an incentive to investors. Pacheco also discussed Codelco's efforts to enter the lithium business in Chile, which is the world's second biggest producer of the battery metal. Pacheco said he is optimistic about securing the approval of China regulators for a joint venture with lithium producer SQM at the Atacama salt flat, although he said the timeline is unclear. China is the last country whose regulatory approval is needed for the partnership, which will mark the Chilean state's entry into lithium production. Codelco has already done its part to provide China with all required materials about the planned operation, Pacheco said. Codelco also aims to enter the lithium business with a new project in Chile's Maricunga salt flat. Pacheco said a partner will be named within the coming weeks or months, after Codelco received binding offers from global companies in March.
Reuters
24-04-2025
- Business
- Reuters
Chile regulator greenlights Codelco-SQM lithium joint venture
SANTIAGO, April 24 (Reuters) - Chile's competition regulator approved a deal between Codelco, the state-run copper giant, and SQM ( opens new tab to form a joint venture to expand lithium production in the Atacama salt flats, Codelco said in a statement on Thursday. The statement said the local FNE regulator's approval joins decisions reached in the European Union, Brazil, Japan, South Korea and Saudi Arabia, but approval from China's regulator is still pending. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "We're really satisfied with the decision because it confirms that the tie-up is moving forward as planned," Codelco chairman Maximo Pacheco said in a statement, adding that talks with local Indigenous groups are also progressing. The statement said that authorization from Chile's nuclear energy regulator CCHEN is still pending, but a full deal is expected to be finalized in the second half of the year. The joint venture is a key part of President Gabriel Boric's plan to boost state control over the lithium industry and expand production, but has faced pushback from legislators and lawsuits from China's Tianqi, a major investor in SQM. Despite that, the deal has continued to advance and Thursday's decision cleared a hurdle that could've complicated the joint venture's progress.
Yahoo
10-04-2025
- Business
- Yahoo
Chilean miner Codelco logging strong Q2 demand from China, chairman says
SANTIAGO (Reuters) - Chilean copper giant Codelco is seeing strong demand for the red metal from China in the second quarter, the firm's chairman told Reuters on Thursday. "We're seeing really strong demand from China in this second quarter," Codelco chairman Maximo Pacheco said on the sidelines of the CRU copper conference in Santiago. "China is buying at these prices." Codelco had diverted spot copper shipments in the first quarter to the United States as customers were stocking up amid expectations of the imposition of tariffs by President Donald Trump. The miner is the world's top copper producer and China is already one of its top buyers. Pacheco told Reuters earlier this week that he was confident in the long-term stability of the copper market. Sign in to access your portfolio
