Chile To Nationalize Lithium Industry Amid Growing Global Demand

Chile plans to transfer control of lithium production to a new state-owned company.
Lithium is essential for electric vehicle batteries and demand is expected to increase dramatically by 2030.
Chile's lithium reserves are the largest in the world, but Australia currently produces the most lithium.
The planned nationalization caused shares in two major lithium mining companies in Chile to slide.
The move is part of a wider trend of lithium-producing countries in Latin America seeking greater control over the valuable resource.