SANTIAGO— In a landmark move for the global energy transition, the Chilean state-owned copper titan Codelco and private mining firm SQM formally announced on Saturday the creation of a massive joint venture to exploit lithium in the Atacama Salt Flat. The newly formed entity, named NovaAndino Litio SpA, is poised to consolidate Chile’s status as a primary supplier of the critical metal essential for electric vehicle batteries.
Chile currently holds 41% of the world’s known lithium reserves—the largest on the planet. Despite this, the nation has occupied the second-place spot in global production behind Australia since 2016. This partnership is a strategic cornerstone of the "National Lithium Strategy," aimed at reclaiming the top global position by significantly scaling extraction and refining operations. Under the terms of the agreement, the Chilean government, through Codelco, will hold a majority stake of 50% plus one share, ensuring state oversight while leveraging SQM’s technical and commercial expertise.
The partnership received a final international boost in November 2025, when the State Administration for Market Regulation (SAMR) in China granted conditional approval for the alliance. The Chinese market remains a vital destination for Chilean exports, and Tianqi Lithium Corp, a major Chinese player, currently maintains a 22% stake in SQM.
Operational Continuity and Regulatory Scrutiny The agreement ensures that NovaAndino Litio will manage exploration, extraction, and marketing activities through 2060. While SQM will oversee general management during the initial phase through 2030, Codelco is slated to take full operational control from 2031 onward. This long-term framework is designed to avoid a "production valley" during the transition, with the venture targeting an ambitious output of 300,000 metric tons of lithium carbonate annually.
However, the path to the merger has not been without complexity. Just days before the final launch, Chile’s Comptroller General initiated an "unprecedented audit" into the negotiation process following concerns raised by local lawmakers. Additionally, the mining sector is closely monitoring a reactivated SEC investigation into SQM regarding international business practices. Despite these hurdles, public support for the alliance remains high, as it is projected to contribute nearly 70% of its operating margin to the state treasury between 2025 and 2030, rising to 85% after 2031.
This merger represents one of the most significant shifts in Chilean mining history, blending public-sector resources with private-sector agility to meet the surging global demand for clean energy technologies.
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