From Investing.com: 2024-05-15 20:16:49

Chile’s CORFO and Albemarle agree to increase lithium production quota by 240,000 metric tons. Albermarle’s current quota of 460,000 metric tons will rise by about 50%. To access higher quota, company must use sustainable tech, consult indigenous communities, and obtain environmental permits. Settlement includes $15 million payment for underpaid commissions.

Albemarle settles with CORFO after ICC complaint, agreeing to pay $15 million for alleged underpaid commissions. Albemarle is one of two major lithium producers in Chile, the world’s second-largest producer of the metal used in EV batteries. CORFO VP emphasizes importance of sustainable production standards in agreement.

CORFO and Albemarle reach pact outlining new terms for setting preferential price for lithium products in Chile. Agreement aims to promote long-term supply of lithium carbonate. 2016 terms with Albemarle, including deal validity through 2043 and option to purchase assets in Salar de Atacama, remain unchanged.



Read more at Investing.com: Chile gives Albemarle option to boost lithium quota by 240,000 metric tons By Reuters