China grants conditional approval for Codelco-SQM lithium joint venture
China's market regulator said on Monday that it granted conditional approval for a lithium-related joint venture between Chile's state-run copper giant-Codelco and local lithium producer SQM.
The decision was made after the regulator sought feedback from relevant government bodies, industry associations, rivals and downstream consumers, China's State Administration for Market Regulation said in a statement.
"In the event of a major supply change, both sides should make reasonable and best efforts to continue the supply of lithium carbonate products to Chinese customers ... they should not turn down, restrict or delay supply to Chinese clients," the regulator added.
Codelco and SQM planned to form a joint venture for lithium production in the Atacama salt flats, part of President Gabriel Boric's plan to widen state control over the lithium industry and expand production.
Chile's competition regulator greenlighted the deal, joining decisions reached in the European Union, Brazil, Japan, South Korea and Saudi Arabia, with the market awaiting approval from the Chinese regulator.
Chile's newly appointed Economy Minister Alvaro Garcia said in August he expected Codelco and SQM to finalise a major lithium partnership deal before the current administration left office in 2026.
The joint venture faced pushback from legislators and lawsuits from China's Tianqi, a major investor in SQM.
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