Codelco and SQM Launch Nova Andino Litio to Run Atacama Lithium Through 2060

Overview

• Nova Andino Litio SpA will manage exploration, extraction, production and sales from the Salar de Atacama under a single structure until 2060.
• The company will honor current Corfo contracts and uphold new agreements that take effect from 2031.
• SQM transferred all of its mining concessions in the Salar de Maricunga to Codelco as part of the transaction.
• Regulators authorized the alliance after multi‑jurisdiction reviews, and China granted conditional approval in November requiring fair, reasonable and non‑discriminatory supply to Chinese customers.
• Codelco and SQM said the deal will significantly benefit Codelco’s 2025 results, with SQM holding greater management votes initially and Codelco assuming board majority control from 2031.