BASF Pulls Plug on Chile Investment Plans Amid EV Slowdown
- BASF ceases funding and offtake talks with Wealth Minerals
- German firm also was studying lithium cathode project in Chile
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German chemicals maker BASF SE has abandoned plans to invest in lithium mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery metal prices.
BASF withdrew from initial talks with Wealth Minerals Ltd., the Vancouver-based firm that has exploration projects in Chile, the German company said in an email to Bloomberg late Tuesday. Wealth shares slumped as much as 31% on Wednesday, the biggest intraday decline in three years.