“We agreed to formally initiate discussions between the two entities on a potential cooperation in lithium production in the Salar de Atacama,” said SQM CEO Ricardo Ramos.

Meetings were held this week to align shared objectives. “Both parties agreed to act diligently and prudently in the pursuit of an agreement that will benefit the country, the Antofagasta region, the communities near the operations, SQM and Codelco,” Ramos said.

SQM said the negotiations would be confidential and anticipates that the process may span several months. Once the final documents are signed, or in the event that the negotiations are terminated, SQM said it will communicate the result in accordance with applicable regulations.