SANTIAGO: Chinese automaker BYD and metals group Tsingshan are backing out of multi-million dollar plans to build lithium cathode plants in Chile, the country’s economic development agency said on Wednesday.
The retreat by the two huge Chinese companies is a blow to Chile’s aim to develop more domestic processing of lithium, a key metal for electric vehicle batteries. Chile is the world’s no. 2 lithium producer.
Both projects were hit by plunging lithium prices, said government economic development agency Corfo, which in 2023 had tapped BYD and Tsingshan for a preferential lithium price deal as part of its efforts to spur investment in Chile.
“The companies selected by Corfo have been affected in their investment decisions by the global market conditions, which have shown a sharp drop in prices,” Corfo said in a statement.
Tsingshan told Reuters it has withdrawn plans for a $233 million project to produce 120,000 metric tons of lithium iron phosphate (LFP). Chile’s national assets ministry told Reuters that BYD filed an intent to withdraw its plans in January.
BYD, the world’s biggest maker of electric cars, declined to comment. BYD last year flagged delays to a planned $290 million plant, which was expected to produce 50,000 metric tons per year of LFP for cathodes.
Chilean newspaper Diario Financiero first reported the scrapped investments.
Chile’s effort in 2018 to encourage lithium-related investments via a pricing deal also fell apart. Chilean chemical company Molymet, China’s Sichuan Fulin Transportation Group Co. , and a joint venture between Korean firms Posco and Samsung for various reasons withdrew their plans.
Tsingshan and BYD would have had access to preferential prices of lithium produced by Chilean miner SQM through 2030, a timeframe that Corfo said also may have influenced the withdrawal of the projects.
In addition, Corfo said Tsingshan had wanted to assign the project development to a unit of the company that had not participated in the bidding process, which Corfo said was not possible.
Corfo last week opened a second bidding process for a similar scheme, this time to provide a purchasing deal with US lithium producer Albemarle through 2043 for companies that commit to lithium-related projects.
Albemarle and the selected investors will be able to use an “alternative form” to determine a price agreement, Corfo said.
![]()
China’s BYD, Tsingshan scrap plans for Chile lithium plants as prices plunge
Short Url
https://arab.news/c466z
China’s BYD, Tsingshan scrap plans for Chile lithium plants as prices plunge
- Retreat a blow to Chile’s aim to develop more domestic processing of lithium
- Chile is the world’s no. 2 producer of the key metal for electric vehicle batteries
Costa Rica’s Grynspan pledges reform in bid for UN chief job
GENEVA: Rebeca Grynspan is upbeat about her chances of becoming the next head of the United Nations, which she insists must become more agile in tackling the world’s crises.
The Costa Rican former vice president said she wanted to rebuild global trust in the United Nations if she becomes its next secretary-general.
“We are very optimistic. I think that I am more than a viable candidate,” Grynspan said on Friday, her last working day before stepping aside as head of the UN trade and development agency UNCTAD to focus on her campaign.
The second term of current UN chief Antonio Guterres expires at the end of the year.
“My profile is right for this moment. I know the UN enough to reform it and enough to defend it,” she told the UN correspondents’ association ACANU.
“I have a lot of experience in my political life, taking decisions under a lot of stress and in complex situations. I have been in the highest positions in the UN.”
It is Latin America’s turn next for the top UN job and two other candidates are running: former Chilean president Michelle Bachelet, and Rafael Grossi, the Argentinian head of the International Atomic Energy Agency.
Founded in 1945, the UN has never had a woman secretary-general.
Grynspan, an economist, is not looking to be chosen on that basis.
“I don’t need any favors to be elected for the secretary-general; I just need people not to discriminate me for being a woman,” the 70-year-old said.
“If the competition will be fair, with no biases, I will make it. I have the CV; I have the merits.”
- Rebuilding trust -
Last month, Guterres warned that the UN was facing financial collapse and could run out of cash by July, with member states neither paying in full nor or time.
“The UN has to change,” said Grynspan.
There are far greater capacities in civil society and the private sector than in 1945, “and we need to be able to harness that: we don’t have to do everything in the UN.”
As for peace and security, “prevention and mediation are essential. But they need agility and flexibility from the structures of the UN. And I don’t think we have that right now.”
US President Donald Trump has slashed funding to some UN agencies and has repeatedly questioned the UN’s relevance and attacked its priorities, setting up his own “Board of Peace.”
“The UN is unique because it’s the only legitimate, universal organization,” said Grynspan.
“We need to rebuild trust with the member states. We need to regain the belief that the UN is useful to solve problems,” she said, vowing to bring her personal qualities to the task.
“I am able to reach to people not only with logic, but also with inspiration, optimism and hope,” she said.
“We need more of that too, because we need to connect again much more with people. We will need to conquer the hearts and minds again.”
- Leadership style -
The UNCTAD chief said her leadership style revolved around being “direct, honest, and evidence-based... There have to be reasons, not only emotions.”
Grynspan recounted that her parents, who were from Poland, “barely survived” World War II. Her maternal grandparents were killed in the Holocaust.
Her parents went “with nothing” to Costa Rica, a country that “allowed them to have a good life.”
“Costa Rica has taught me a lot. It’s a country that I not only love dearly, but I admire,” she said.
“I am not an impetuous person. I think things through. I have the serenity not to lose it under tension and under pressure. I consult. I hear. And I am brave. I take risks.”
rjm/ceg
The Costa Rican former vice president said she wanted to rebuild global trust in the United Nations if she becomes its next secretary-general.
“We are very optimistic. I think that I am more than a viable candidate,” Grynspan said on Friday, her last working day before stepping aside as head of the UN trade and development agency UNCTAD to focus on her campaign.
The second term of current UN chief Antonio Guterres expires at the end of the year.
“My profile is right for this moment. I know the UN enough to reform it and enough to defend it,” she told the UN correspondents’ association ACANU.
“I have a lot of experience in my political life, taking decisions under a lot of stress and in complex situations. I have been in the highest positions in the UN.”
It is Latin America’s turn next for the top UN job and two other candidates are running: former Chilean president Michelle Bachelet, and Rafael Grossi, the Argentinian head of the International Atomic Energy Agency.
Founded in 1945, the UN has never had a woman secretary-general.
Grynspan, an economist, is not looking to be chosen on that basis.
“I don’t need any favors to be elected for the secretary-general; I just need people not to discriminate me for being a woman,” the 70-year-old said.
“If the competition will be fair, with no biases, I will make it. I have the CV; I have the merits.”
- Rebuilding trust -
Last month, Guterres warned that the UN was facing financial collapse and could run out of cash by July, with member states neither paying in full nor or time.
“The UN has to change,” said Grynspan.
There are far greater capacities in civil society and the private sector than in 1945, “and we need to be able to harness that: we don’t have to do everything in the UN.”
As for peace and security, “prevention and mediation are essential. But they need agility and flexibility from the structures of the UN. And I don’t think we have that right now.”
US President Donald Trump has slashed funding to some UN agencies and has repeatedly questioned the UN’s relevance and attacked its priorities, setting up his own “Board of Peace.”
“The UN is unique because it’s the only legitimate, universal organization,” said Grynspan.
“We need to rebuild trust with the member states. We need to regain the belief that the UN is useful to solve problems,” she said, vowing to bring her personal qualities to the task.
“I am able to reach to people not only with logic, but also with inspiration, optimism and hope,” she said.
“We need more of that too, because we need to connect again much more with people. We will need to conquer the hearts and minds again.”
- Leadership style -
The UNCTAD chief said her leadership style revolved around being “direct, honest, and evidence-based... There have to be reasons, not only emotions.”
Grynspan recounted that her parents, who were from Poland, “barely survived” World War II. Her maternal grandparents were killed in the Holocaust.
Her parents went “with nothing” to Costa Rica, a country that “allowed them to have a good life.”
“Costa Rica has taught me a lot. It’s a country that I not only love dearly, but I admire,” she said.
“I am not an impetuous person. I think things through. I have the serenity not to lose it under tension and under pressure. I consult. I hear. And I am brave. I take risks.”
rjm/ceg
Latest updates
© 2026 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.