Codelco to promote the first Lithium Exploration in Marikunga

Chile's state-owned mining company Codelco, the world's largest copper producer, plans to start lithium exploration in the Marikunga salt flat in the north of the country in the first quarter of this year as part of the development of metal keys for electric car batteries.

The process will involve checking groundwater conditions and the concentration of lithium in salt water, which will determine how the project will proceed, Codelco said in a statement on Monday.

"We expect to be able to start exploration activities at Salar de Maricunga in the first quarter of 2022, which will last for 10 months, but may be delayed depending on weather conditions next winter," Codelco said.

Codelco's first lithium business could give a long-term boost to the Andean country, which has the world's largest reserves of ultra-light metals. The price of lithium has been soaring due to the soaring demand for electric vehicles.

Maricunga covers an area of 90 square miles (145sq km), less than 5% of Chile's vast lithium-rich Salar de Atacama, although high-grade metal deposits in some parts of the apartment make it attractive to potential miners.

"this will be the first exploration," Codelco added. "it will then be decided to carry out more research and possible future development projects."

Codelco said various licenses had been processed last year to start exploration. "so far, several of them are waiting for approval and should be approved in the coming months." It added.

Chile is currently holding an auction process to award operating contracts to explore and produce 400000 tons of lithium, and despite opposition from some lawmakers, the results should be known this week.

The president of Gabriel Borcion plus Gabriel Bock (Gabriel Borc) in March said he wanted to create a national lithium company to develop the country's metal reserves.

Chilean company SQM, the world's second-largest lithium producer, and mining giant Albemarle, are currently leading lithium development in Chile. They are one of five companies participating in the new auction.