mining-investor analytical
By lens · 3 takes across the edition
Analyses the JV structure: SQM continues to operate the Salar de Atacama under the partnership until 2060 when the concession expires, with an interim target of 300,000t additional LCE output between 2025-2030; Codelco's experience is in copper, not lithium brine, so operational risk concentrates on the transition of management control in 2031.
“The Chilean model of public-private partnership may influence resource policies across Latin America's lithium triangle.”
Tracks the sequence: Panama's Supreme Court closed the mine in late 2023 after mass protests; the Mulino administration commissioned the independent audit as a precondition for any restart discussion; an 88% score is legally sufficient to proceed but political opposition remains intense.
“Panama to publish final Cobre Panama audit ahead of a June decision.”
Reports the Q1 2026 price surge: battery-grade lithium carbonate rose from ~$13,433/t in early December 2025 to $26,278/t by late January 2026 (a 95% increase in six weeks); cites battery energy storage demand growing 51% in 2025 as AI infrastructure expansion drove grid storage investment; notes Canaccord projecting a deficit through 2035.
“Q1 2026 lithium prices nearly doubled amid supply strain, with battery-grade carbonate rising 95% in six weeks.”