Chile's Codelco forms joint venture with Quiborax for lithium exploration

Feb 6. (Reuters) - Chile's state miner Codelco and the Chilean acid producer Quiborax have created a joint venture to secure a special lithium operation contract for the Salar de Ascotan salt flat in northern Chile, the companies said on Thursday.

The partnership, called Minera Ascotan SpA, has an initial 34% stake for Codelco and 66% for Quiborax, but will seek a new majority partner once the contract is obtained.

DEAL DETAILS

• The companies applied for the contract as a consortium in January 2025.

• The Mining Ministry is expected to present the new joint venture and its contract terms to Chile's Comptroller General in coming weeks.

• Codelco appointed Jaime San Martin and Felipe Killian as directors, while Quiborax named Allan Fosk, Ignacio Riva Posse and Yatsen Lee.

• Daniel Ocqueteau will serve as the joint venture's general manager.

WHY IT MATTERS

• Salar de Ascotan is Chile's third-largest salt flat by surface area with underground content.

• The salt flat has not been explored for lithium but has attractive exploration potential.

• The venture is part of Chile's National Lithium Strategy to maintain the country's role in the global lithium industry.

• "Lithium is key to the planet's energy future, and Chile has a unique opportunity," Codelco board president Maximo Pacheco said.