Chilean president on new lithium policy

Chilean President Gabriel Boric on Thursday announced his government's plan for a national lithium policy. Chile has the third largest lithium reserves in the world with 9.6 million tons; behind only Argentina, with 19.3 million and Bolivia, with 21 million tons, according to the United States Geological Survey.

So far the private sector is the only sector in Chile that exploits the mineral, which has a high international demand and is used in the production of items such as electrical batteries. Boric said the Chilean State will participate in the entire lithium production cycle by virtue of a public-private "virtuous collaboration", in which "the State will have control”.

He said any organisation that wanted to take part in the production cycle "must partner with the state". Boric also indicated a proposal to create a National Lithium Company would require approval by an absolute majority of the deputies and senators in Congress. The bill is expected to be sent to the legislature this year.