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Chile locks in US$754M of lithium investments

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Chile locks in US$754M of lithium investments

Chilean development agency Corfo said the country's lithium sector is poised to receive about US$754 million in investments from local company Molibdenos y Metales SA, China's Sichuan Fulin Industrial Group, and a South Korean joint venture between Samsung SDI Co. Ltd. and POSCO, Reuters reported March 9.

The companies are part of a group selected through a bidding process to develop technology focused on the lithium market. Corfo estimates that the companies will be ready to produce about 58,000 tonnes of cathode per annum within two years.

Codelco signed a contract to mine lithium from its Maricunga deposit in Chile, Reuters reported, citing a statement from the mining ministry. The ministry did not disclose further details. This would mark the entrance of Codelco, the world's biggest copper miner, into the lithium sector.

POSCO and Samsung SDI will invest 57.5 billion South Korean won to construct a lithium battery cathode plant in the Chilean port city of Mejillones, Reuters wrote separately. The plant will produce 3,200 tonnes of cathode per annum starting in the second half of 2021.

In February, POSCO agreed to buy up to 240,000 tonnes per annum of lithium concentrate from an Australian company, while in January, the company announced plans to set up two joint ventures to produce lithium-ion battery materials in China.

As of March 9, US$1 was equivalent to 1,066.35 South Korean won.