Chile: Operational lithium projects are expected to commence by 2026

Chile targets 3-4 new lithium projects by 2026, aiming to bolster state control over the metal crucial for EV batteries. Yellen visited Albemarle, a US lithium producer, during her tour.

Chile aims to have three or four new lithium projects operational by 2026, as stated by the country’s Minister of Finance, Mario Marcel, during a statement on Saturday. Chile, known as the world’s largest copper producer and the second-largest producer of lithium, initiated a policy last year to enhance state control over the strategic metal crucial for electric vehicle batteries. Marcel's announcement followed a meeting with US Treasury Secretary Janet Yellen, who was on a tour of the country.

U.S. Treasury Secretary Janet Yellen made a significant visit to Albemarle, a prominent lithium producer based in northern Chile, on Saturday. The visit underscored the growing importance of lithium in the global economy and highlighted the strategic significance of Chile as a key player in the lithium market.

This visit, comes at a pivotal moment as countries around the world are ramping up efforts to secure access to lithium, a critical component in the production of batteries for electric vehicles and renewable energy storage solutions. As the demand for electric vehicles continues to surge and the transition towards clean energy accelerates, lithium has emerged as a crucial commodity driving these transformations.

Albemarle, one of the leading lithium producers globally, plays a vital role in meeting the rising demand for lithium. The company's operations in Chile, a country renowned for its abundant lithium reserves, are of strategic importance in the global lithium supply chain.

Yellen's visit not only highlights the importance of lithium production in this country, but also underscores the close economic ties between the United States and Chile. The exploration of potential collaborations and partnerships in the lithium sector during Yellen's visit signifies the shared interests of both countries in advancing clean energy technologies and addressing climate change challenges and serves as a testament to the critical role that lithium plays in shaping the future of transportation and energy, as well as the strategic partnerships being forged to drive innovation and sustainability in these sectors.

Codelco, Chile’s state-owned copper mining company, has been chosen to represent the Chilean state in the new public-private lithium model, as Boric endeavors to invigorate the long-stalled industry.