President Gabriel Boric of Chile has announced his government will nationalize the country’s vast lithium industry, of which it is the world’s second largest producer.
In a surprise move, President Gabriel Boric of Chile has announced his intention to nationalize the country’s lithium industry, of which Chile is the world’s second largest producer.
Lithium is an increasingly popular chemical element due to its light weight and ability to store large amounts of energy in batteries – now more popular than ever as the world transitions to electric vehicles and shies away from fossil fuels.
Chile has the largest lithium reserves in the world, which is why Boric seeks to use the natural resource to transition his country to a more sustainable and developed economy.
However, the move could trigger a shift of future investment in lithium to other mining-friendly countries such as Australia – the world’s biggest producer.