China’s co looks to help boost Chile’s lithium sector

12th June, 2019 09:55:33 printer

SANTIAGO: China's Tianqi Lithium Corporation said Monday that it looks to help boost Chile's lithium sector with experience and know-how.

The Chinese firm purchased a 23.77-percent share in Chilean company Sociedad Quimica y Minera (SQM) last year.

Tianqi's Corporate Development Director Song Yu said the firm is open to cooperation to strengthen battery recycling and other areas related to environmental preservation.

Song highlighted the Chilean government's solid policy of mineral development and exploitation, noting that the Chilean Institute of Clean Technologies is in the process of receiving bids to increase added value in the lithium industry, reports Xinhua.

On the sidelines of the ongoing 11th Conference of Lithium Markets and Supply here, Tianqi's top executives said they have "long-term" development plans in the country, and were "paying attention" to new investments and businesses in the global lithium market.

There's a sustained demand for lithium that counters the metal's drop in prices, they said.

"The industry is just taking some time to adapt," said Tianqi's President and Executive Director Vivian Wu, adding that lithium's decrease in price is a result of a settling market as the demand increases due to the rise in electric mobility.

Tianqi gained a foothold in Chile's market in 2018, buying stock in SQM's nonmetal mining operations from Canadian firm Nutrien.