Reuters reported SQM (NYSE:SQM) won a tender to develop a lithium concession in Chile, which produces around 40 percent of the metal.
As quoted in the market news:
Chile’s SQM offered to pay around $40.6 million for a 20-year concession. It beat out rivals Posco Consortium, made up of Posco Ltd, Mitsui & Co, Daewoo International Corp and miner Li Energy Spa, and Chilean miner NX UNO de Peine.
Development of lithium has been tempered by a constitutional ban on concessions in world No.1 copper producer Chile. Special contracts for lithium production, however, are legally permitted.