Chilean government plans to increase investment in mineral exploration lithium, opening opportunities for foreign companies to invest in the mine in Chile. Mine in Chile included a strategic resource, then closed to foreign companies to participate in the lithium mining operations in Chile. Therefore, the Chilean government will send a proposal to Congress that mineral exploration in Chile lithium can be done by foreign companies. Chilean government also met with industry representatives to discuss lithium government proposal.
Mines Minister Laurence Golborne said: “The opening of the business advantages for the industry. The government will meet with industry participants who have raised “objections” to plan ”
The change in status of lithium mining companies would compete with Soquimich, based in Santiago, and Rockwood Holdings Inc., based in Princeton, New Jersey. They control 70 percent of low-cost lithium in the world from a salt flat in the Atacama Desert in Chile.
“He brings a lot of noise and uncertainty in the industry and, possibly, it’s a killer for Soquimich and Rockwood,” said Cesar Perez, CEO Celfin Capital SA, a purchase price Soquimich.
Soquimich fell as much as 103 pesos, or 0.6 percent today and closed at 18,800 pesos in Santiago. Rockwood declined as much as 0.9 percent to close at $ 29.94 in New York. The stock has risen 143 percent over the last 12 months.
Restrictions Store
the Government of Chile should maintain restrictions on mining lithium as there is an abundance “of reserves of this metal in the world, Soquimich Chief Executive Officer, said Patricio Contesse yesterday.
Chile decreed in 1979 that only public companies can exploit the lithium in the pools in salt lakes in the desert, “said Countess. Chile is the only country that limits mining lithium, he said.
More than 60 mining companies have begun studies to exploit deposits of lithium 1 billion from Argentina to Serbia that demand should increase as car manufacturers use in hybrid car batteries, New York Times reported March 12.
Australian Orocobre Ltd signed an agreement with a subsidiary of Toyota Motor Corp. to develop a mine in Argentina that provide raw material for cars powered by lithium-ion batteries.
Source: businessweek.com
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