Lithium Boom Takes Chile's SQM Across Andes in Argentine Venture
- Pays $25m for stake in Lithium Americas' Cauchari project
- Argentine venture has potential to produce 40,000 tons a year
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The race to supply lithium to the rechargeable batteries used in cell phones and electric cars is taking Soc. Quimica & Minera de Chile SA over the Andes as Argentina’s new government seeks to open up its reserves.
SQM, the second-biggest lithium carbonate producer, agreed to pay $25 million to Lithium Americas Corp. for 50 percent of Minera Exar, which owns a project in northern Argentina’s Cauchari, the Santiago-based company said in a statement Monday. Exar will update a feasibility study for a project that may produce 40,000 metric tons a year for more than 30 years.