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Tsingshan told Reuters it has withdrawn plans for a $233 million project to produce 120,000 metric tons of lithium iron phosphate (LFP).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
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
Supporters of Venezuelan opposition leader María Corina Machado march in cities worldwide
- Machado went into hiding and has not been seen in public since January
CARACAS: Supporters of Venezuelan opposition leader María Corina Machado demonstrated Saturday in several cities worldwide to commemorate her Nobel Peace Prize win ahead of the prestigious award ceremony next week.
Dozens of people marched through Madrid, Utrecht, Buenos Aires, Lima and other cities in support of Machado, whose organization wants to use the attention gained by the award to highlight Venezuela’s democratic aspirations. The organization expected demonstrations in more than 80 cities around the world on Saturday.
The crowd in Lima carried portraits of Machado and demanded a “Free Venezuela.” With the country’s yellow, blue and red flag draped over their backs or emblazoned on their caps, demonstrators clutched posters that read, “The Nobel Prize is from Venezuela.”
Venezuelan Verónica Durán, who has lived in Lima for eight years, said Machado’s Nobel Peace Prize is celebrated because “it represents all Venezuelans, the fallen and the political prisoners in their fight to recover democracy.”
The gatherings come at a critical point in the country’s protracted crisis as the administration of US President Donald Trump builds up a massive military deployment in the Caribbean, threatening repeatedly to strike Venezuelan soil. Venezuela’s President Nicolás Maduro is among those who see the operation as an effort to end his hold on power, and the opposition has only added to this perception by reigniting its promise to soon govern the country.
“We are living through times where our composure, our conviction, and our organization are being tested,” Machado said in a video message shared Tuesday on social media. “Times when our country needs even more dedication because now all these years of struggle, the dignity of the Venezuelan people, have been recognized with the Nobel Peace Prize.”
Machado won the award Oct. 10 for her struggle to achieve a democratic transition in the South American nation, winning recognition as a woman “who keeps the flame of democracy burning amid a growing darkness.”
Machado, 58, won the opposition’s primary election and intended to run against Maduro in last year’s presidential election, but the government barred her from running for office. Retired diplomat Edmundo González, who had never run for office before, took her place.
The lead-up to the July 28, 2024, election saw widespread repression, including disqualifications, arrests and human rights violations. It all increased after the country’s National Electoral Council, which is stacked with Maduro loyalists, declared him the winner despite credible evidence to the contrary.
González sought asylum in Spain last year after a Venezuelan court issued a warrant for his arrest.
Meanwhile, Machado went into hiding and has not been seen in public since Jan. 9, when she was briefly detained after joining supporters in what ended up being an underwhelming protest in Caracas, Venezuela’s capital. The following day, Maduro was sworn in for a third six-year term.
