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Chilean committee to administer lithium contracts with SQM, Albemarle

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Chilean committee to administer lithium contracts with SQM, Albemarle

Chile is creating a commission to administer lithium contracts that state development agency Corfo has with Albemarle Corp. and Sociedad Quimica y Minera de Chile SA, Reuters reported June 11, citing Economy Minister Jose Valente.

Its purpose will be to ensure that concessions granted to the two companies in the Atacama salt flats are developed and mined properly, in compliance with the agreements' terms.

"There are many contractual clauses that require decisions on prices, quantities and allocation of resources," Valente was quoted as saying. "This committee will be seeing how they develop and recommend to Corfo's board the fulfillment of those contracts in the appropriate manner."

SQM recently drew the ire of Chilean politicians after appointing former Chairman Julio Ponce as a strategic adviser, after the company signed a deal with the government stipulating that Ponce would distance himself from the miner.

Chilean Finance Minister Felipe Larrain said earlier in June that a January deal with SQM to end a dispute over mining royalties would have to be reviewed to check if Ponce's advisory appointment was in accordance with the accord.