Chile’s Lithium Projects Attract Interest from Over 50 Companies

By Fabian Cambero and Daina Beth Solomon

SANTIAGO – Over 50 companies have shown interest in lithium development projects in Chile, according to Finance Minister Mario Marcel, following a government call for proposals concerning various salt flats rich in the battery metal.

As the world’s largest lithium producer, Chile issued a call in April for proposals to develop lithium projects across more than two dozen salt flats that remain largely unexplored, while maintaining state control over the Atacama and Maricunga brine deposits.

Marcel reported that 54 firms from 10 nations submitted expressions of interest for 88 projects during the public proposal process, which concluded on Monday. He noted, "There are investors of various sizes, including both local and many foreign participants," indicating a strong interest in the industry.

Further details regarding the salt flats with overlapping proposals will be provided by the mining ministry in due course. The mining minister previously indicated that a tender process would be initiated if multiple companies expressed interest in a single site.

Investors have voiced concerns regarding the government’s approach to awarding lithium contracts in areas where mining concessions have already been granted, as this could lead to scenarios of overlapping ownership.

Chile aims to enhance its position in the lithium market, the second largest globally after Australia, by fostering state-led projects along with encouraging private investments.

At an event in Santiago, U.S. Ambassador Bernadette Meehan mentioned that American companies have demonstrated significant interest not only in lithium extraction but also in producing related components such as batteries.

"There are U.S. and other Western companies keen on leveraging all lithium opportunities announced by the Chilean government," she stated.

Currently, only two companies—U.S. firm Albemarle and local miner SQM—are actively producing lithium in the country. Recently, SQM entered into an agreement with the state-owned Codelco to establish a majority state-run joint venture in the Atacama salt flat. Additionally, Codelco is in search of a partner for a significant new lithium project located in the Maricunga salt flat.