BASF Abandons Plans to Invest in Lithium-Mining Assets in Chile, Bloomberg Reports

Dow Jones07-03 02:19

--German chemicals giant BASF has abandoned plans to invest in lithium-mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery-metal prices, Bloomberg reports.

--BASF withdrew from initial talks with Wealth Minerals, the Vancouver-based firm that has exploration projects in Chile, according to the report which cites an email from the German company.

--"No collaboration between BASF and Wealth Materials materialized in the end," BASF said, according to Bloomberg. The company didn't give a reason for ending the talks or mention the proposed cathode plant, it added.

--The withdrawal follows BASF's announcement last week that it scrapped plans for a $2.6 billion nickel-cobalt refinery in Indonesia, according to the report.

Full article at https://www.bloomberg.com/news/articles/2024-07-02/basf-pulls-plug-on-potential-chile-investments-amid-lithium-rout?srnd=homepage-americas

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

July 02, 2024 14:19 ET (18:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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