Tianqi Lithium to Take Action Over Chilean Unit's MOU for Salt Flat Joint Venture

MT Newswires Live06-05

Tianqi Lithium (HKG:9696, SHE:002466) is considering taking action to protect its interests in the partnership between its subsidiary Sociedad QuÃmica y Minera de Chile, or SQM, and CorporaciÃ³n Nacional del Cobre de Chile, or Codelco, the company said in a Monday filing on the Hong Kong Stock Exchange.

In December 2023, SQM and Codelco inked a memorandum of agreement to set up a joint venture to develop the Chilean salt flat Salar de Atacama. The deal allows Codelco to own 51% of the venture's stake and the SQM will own the remaining shares, reducing the Chinese lithium parent's returns from its investment and voting rights in SQM.

SQM agreed with Codelco to further amend the MOU in March this year. The company asked SQM to hold an extraordinary shareholders' meeting, but the Chilean unit said in a statement that it would not conduct a shareholders' vote on the proposed partnership since the MOU was non-binding.

Tianqi Lithium said it has yet to receive a response from SQM for its request to hold a shareholders' meeting as of Monday, June 3, the filing noted.

Shares of the filing slipped more than 1% on the Hong Kong bourse.

Price (HKD): $29.35, Change: $-0.40, Percent Change: -1.34%

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