Russia's Rosatom Adds Stake in Chile Lithium Project

Russia's state nuclear company Rosatom is pursuing its goal of applying lithium battery technology in the Russian economy by positioning itself to join the greenfield project in Chile. This is a major symbol of Rosatom's involvement in lithium-manufactured test water batteries and is part of a strategic partnership between Russia and Chile, according to the Financial Times.

Despite abundant reserves in Chile, due to the "absence" of relevant industry policies, lithium production has continued to decline in recent years. The joining of Russian companies will not only bring newer technologies but will also help the country to implement relevant supporting policies.

According to the Financial Times, Rosatom has signed a preliminary agreement with the Canadian Whirlpool Minerals Company to acquire a 51% stake in a giant lithium mine operated in Chile and is expected to indirectly obtain full purchase rights to become the largest shareholder of 46,200 hectares mine in the Atacama Desert in northern Chile. According to Reuters compilation data, the Atacama salt flat is the home to leading lithium producers SQM and Albemarle, accounts for around one-third the world's supply.

Rosatom, the world's biggest nuclear company by foreign orders submitted a plan to Chilean government at the end of last year, indicated that it could help Chile to increase lithium production through new technologies, and could sustainably boost lithium output without taxing water resources and further increase the tax revenue of the Chilean government. The company even promised that if Russian technologies can meet Chilean requirements and expectations, it is willing to technically authorize Chilean chemical mining companies and other important salt miners to meet its goal of increasing production quotas.

Some experts pointed out that Russian technologies mainly use the remaining brine left after processing, without using a large and water-consuming solar evaporation pond, which is quite attractive in achieving environmentally friendly extraction. Besides, Russia’s Rosatom has provided more options, including the construction of a conversion plant. And the company plans to participate in a new round of investment tendering activities in Chile.

According to Reuters news, Chile held a second global lithium roadshow for investment tenders in September, and many companies in Russia and Asia have participated. This auction is scheduled to be held in early 2020 will be provided with more preferential treatment by Chile.

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