Chilean Miner Codelco Gains Access to Australia’s Lithium Power Financial Records, According to Reuters

Codelco, the Chilean state-owned mining company, announced on Thursday that it will conduct due diligence on Lithium Power International, although it noted that there is no guarantee that this process will culminate in a formal agreement.

Codelco has been designated to spearhead efforts to revitalize Chile’s lithium sector, which is expected to see increased demand due to the growing adoption of electric vehicles. In April, Chile disclosed its intention to nationalize its lithium industry, planning to maintain a controlling interest in all related projects while partnering with mining companies.

Lithium Power International owns the largest permitted brine project in Chile, known as Maricunga, along with additional projects in Pilbara, Western Australia, and Argentina. Following the announcement, shares of the Australian lithium developer saw a rise of 21.2%, reaching A$0.32 in early trading.

Earlier in the day, Lithium Power confirmed that it had agreed to provide Codelco access to its financial records, responding to speculation in the media. Additionally, Codelco has been actively pursuing lithium opportunities worldwide and is expected to finalize a deal with lithium chemical producer SQM within this year.