President Gabriel Boric met on Tuesday with Finance Minister Nicolás Grau, the Minister of Economy, Development and Tourism and Energy Álvaro García, Mining Minister Aurora Williams, Codelco Board Chairman Máximo Pacheco, and Corfo Executive Vice President José Miguel Benavente to discuss progress in Chile’s National Lithium Strategy.
The meeting followed a significant development on December 19 when the Office of the Comptroller General approved contracts between Corfo and companies Codelco and SQM. These agreements allow for lithium extraction in the Salar de Atacama until 2060. This approval enables continued operations at Chile’s only active salar with productive mining activities and some of the world’s largest lithium reserves. It also finalizes necessary approvals for the joint venture between Codelco and SQM both within Chile and internationally.
“This is good news for Chile,” said President Gabriel Boric during the meeting, congratulating officials on reaching this agreement.
Álvaro García stated: “The lithium strategy designed and implemented by this government is now showing its most significant results. This is probably the main business deal Chile has ever made. Codelco has become the world’s leading copper producer but today also becomes the top brine-based lithium producer globally. A Chilean company owned by all Chileans is now a global player in energy transition. Not only does this put us first, but it brings a very significant amount of resources.”
He added that over coming years, proceeds from these agreements will be enough to fund at least three consecutive years of the Ministry of Housing’s entire budget. He noted: “We know how important this challenge is for Chile and we are passing down to future governments an opportunity to solve housing issues. If we add rising copper prices to what we will earn from lithium, the State will receive about $6 billion more per year. We have often heard about how important such figures are but rarely see concrete responses—here is one.”
Mining Minister Aurora Williams commented: “The National Lithium Strategy not only addresses production aspects evident in this major agreement but also responds to challenges facing mining worldwide. That’s why it includes a broad perspective allowing technological advances that will keep Chile at the forefront as a leading salar-based lithium producer.”
Codelco Board Chairman Máximo Pacheco said after the meeting: “Electric infrastructure needs more development every day; therefore, we are optimistic about global demand for copper and lithium.”
José Miguel Benavente added: “This is very important because it has many impacts from this approval. First, through it, the State of Chile will benefit from substantial resources while Corfo maintains its current revenues linked to the salar—especially as lithium prices have been rising.”
