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The potential partnership involved funding and offtake agreements. BASF was also considering building a facility in Chile to convert lithium into cathode materials.
This decision comes shortly after BASF and Eramet cancelled a US$2.6 billion nickel-cobalt refinery project in Indonesia, citing similar market challenges. BASF has plans to enhance its raw material supply chain in Europe by opening a battery recycling plant in Germany later this year.
For Wealth Minerals, navigating the new nationalisation rules on lithium resources in Chile will then require partnerships with state-owned entities, further complicating the development plans.
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