Leaders in South America hope the crucial energy transition mineral can deliver a big pay day
in 2030, for now lithium is still traded like a specialist chemical product, rather than a major commodity. That makes it harder to set or manipulate a standardized price.
Second, the window in which Latin America can exert significant influence on the global lithium market may be closing. While the region accounted forThat’s in part because higher lithium prices make it viable for countries around the world to develop lithium deposits that were previously too expensive to access. South America’s lithium is found in brines in its vast salt lakes.
The threat for Chile, and other Latin American countries that have less-developed lithium sectors, is that investors, spooked by last week’s news, take the massive amounts of cash needed to set up mines elsewhere.
People take part in a demonstration against privatization in the lithium industry. on January 20, 2022.In Chile, Boric’s government argues that laying out its public-private partnership strategy will create the certainty needed to spur investment. Lithium exploration outside of the two Atacama projects has stalled over the last three decades, due to uncertainty about Chile’s mining rights regime, which governments have been reluctant to update amid increased public scrutiny on the industry.
Daniel Jimenez, a former SQM executive and founding partner of Santiago-based lithium consultancy iLiMarkets, is not convinced. He says the terms of the new deal, which would relegate private companies to minority partners in projects, are too onerous for firms to want to take on the risky, costly work of exploring for lithium and turning reserves into active mines. “Under these conditions, I don’t think any sensible company will put their own money into such an exploration,” he says.
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