Codelco will begin lithium exploration in Salar de Maricunga in March

Published: Feb 17, 2022 10:46

Save

[Codelco will begin lithium exploration in Salar de Maricunga in March] Chile's state-owned mining company Codelco said on Wednesday that it would start lithium exploration in Salar de Maricunga next month, which could be a high-grade reserve of ultra-light metals that is key to making batteries for electric cars. Drilling will begin at the end of March and will last about 10 months, Codelco said.

Codelco, the Chilean state-owned mining company, said on Wednesday that it would begin lithium exploration in Salar de Maricunga next month, which could be a high-grade reserve of ultra-light metals that is key to making batteries for electric cars.

Codelco, the world's largest copper producer, won environmental permission to develop the salt field in November 2020, a move that will help it enter the growing lithium industry, which has been delayed by its focus on copper.

Drilling will begin at the end of March and will last about 10 months, Codelco said. Maricunga has some high-grade lithium deposits, although it is less than 5 per cent of Chile's huge Salar de Atacama (, one of the world's major lithium mines.

"based on the results of this activity, especially the concentration of lithium dissolved in salt water in the mine, the company will determine whether it is environmentally and economically feasible to continue development," Codelco said in a statement.

Lithium mining

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

9 hours ago

SMM Daily Review: Lithium Carbonate Spot Prices Drifted Lower on September 2

Today, SMM battery-grade lithium carbonate spot prices drifted lower compared with the previous trading day. The lithium carbonate 2701 contract opened lower at 157,000 yuan/mt today, then fluctuated downward after the open. In the morning session, it traded weakly around the 156,000-157,000 yuan range, with an intraday high of 157,800 yuan/mt. Near midday, it quickly dropped to 153,200 yuan/mt, hitting a new intraday low. Around midday, prices seesawed repeatedly in the 154,000-156,000 yuan range. In the afternoon, bulls briefly pushed prices up but failed to break above the average price line. Prices weakened again in late trading, eventually closing down 3.2% at 154,800 yuan/mt, with open interest falling by 9,123 lots. In the spot market, downstream buyers purchased on dips as needed. At 155,000 yuan/mt and below, downstream spot order purchase willingness continued to recover. On the supply side, as prices drifted lower, willingness to sell spot orders remained weak, with some lithium chemical plants holding prices firm and holding back from selling. Overall, market inquiries and actual transactions were relatively active.

9 hours ago

10 hours ago

August battery-grade lithium sulfide production analysis: Will Q4 see a surge? [SMM Analysis]

[SMM Analysis: August Battery-Grade Lithium Sulphide Production Analysis: Will Q4 See a Surge?] In August, China's lithium sulphide production was 7.79 mt, up 3.6% MoM and up 143% YoY. Will lithium sulphide production surge in Q4? Based on downstream demand, this is currently relatively unlikely, but a mild volume expansion will continue. Average monthly production is expected to reach the 9-10 mt range, edging up from Q3 rather than jumping explosively.

10 hours ago

11 hours ago

[SMM Flash] Albemarle Completes Wodgina Spodumene Concentrate Auction at US$2,307/dmt CIF China

SMM September 2: Albemarle completed a new round of bidding for spodumene concentrate from its Wodgina operation today. The tender volume was 15,840 dry metric tonnes, with a ±10% quantity tolerance. The final transaction price was reported at US$2,307/dmt CIF China, normalized to 6% Li₂O. The cargo is priced on a CIF Zhenjiang Port, China basis, excluding VAT. Payment terms are cash in advance, with payment required to be received by September 8.

11 hours ago