Chile Creates Lithium Giant to Power Electric Car Boom

Chile has launched a major new company to control its vast lithium reserves. The joint venture pairs the state-owned copper giant Codelco with private miner SQM. The new firm will produce lithium, a lightweight metal essential for electric vehicle (EV) batteries. Chile is the world's second-largest lithium producer. It holds an estimated 40% of global reserves. This partnership combines Codelco's state backing with SQM's operational experience. SQM has significant Chinese investment. The deal aims to increase Chile's role in the global clean energy supply chain. The agreement was finalized and announced on Saturday.