Lleges errors in Chile effort to block SQM stake: media reports

Corp has claimed ors in a Chilean gency’s effort to ase of a stake in mpany SQM, acrts by local newsra and El Mercuesentatives chaln state developorfo’s claim that ke would enable ate the world lithemphasized that ate company, the case seeking to participation in Chilean lithium mining is being closely watched as companies around the world try to shore up supplies of the key material in electric vehicles and cellphone batteries.

The head of Chile’s National Economic Prosecutor’s office, known by its Spanish-language acronym FNE, met on March 29 with three representatives for the Chinese miner to discuss “Corfo’s complaint against Tianqi.”

According to both newspapers, Tianqi’s lawyers told the FNE at the meeting that “this is a Chinese private company, open on the stock exchange, in which the Chinese government has no interference.” A Chilean public relations agency representing Tianqi locally confirmed to Reuters the statements were made to both newspapers.

Tianqi representatives in China had previously declined to comment on the case.

Tianqi lawyers also told FNE that the lithium market participation data used by Corfo in its claim was incorrect and overestimated Tianqi’s participation in the global lithium industry, the papers said.

Corfo, which manages natural resources including mining in Chile, filed the complaint that was first reported by Reuters last month. It seeks to avoid a potential sale of the 32 percent stake in SQM held by Canada’s Nutrien to Tianqi or any other company “controlled by the Chinese State.”

The agency said a sale to Tianqi or any company backed by the Chinese State could affect “the competitive rivalry of the market” of the key mineral used in the manufacture of batteries for electric cars.