According to foreign media reports on December 28, Chilean lithium mining company SQM and Chile's state electricity company (Codelco) announced on Wednesday that the two companies have reached a memorandum of understanding to form a government-controlled partnership to jointly produce this critical rechargeable battery metal. In a statement, the two companies agreed to form a new company, with Codelco holding the majority stake, and the company will start its first phase of operations in January 2025. The government-controlled public-private partnership is a key element of Chilean President Gabriel Boric's new lithium mining strategy announced in April last year, aimed at gaining broader benefits from the soaring demand for this ultra-light white metal.