Chile’s lithium industry – level 2

Chile s lithium industry

25-04-2023 07:00

Chile’s President, Gabriel Boric, announced plans to nationalize the country’s lithium industry.

Chile is the world’s second-largest producer of this important metal which is used in electric vehicle batteries. Chile wants to enhance its economy and protect its environment. SQM and Albemarle, the two big companies in the lithium industry, will transfer control of their lithium operations to a state company. This decision is a new challenge for electric vehicle manufacturers who are looking for battery materials because more countries want to protect their natural resources.

The global lithium market is having problems with a shortage of raw materials. Mexico nationalized its lithium deposits in 2022, and Indonesia banned nickel ore exports in 2020. Mexico, Argentina, and Bolivia are forming a lithium association to share their knowledge on processing this mineral.

Difficult words: nationalize (when a government becomes the owner of an industry or company), enhance (to increase), shortage (when there is not enough of something).

You can watch the original video in the Level 3 section.

What impact will the nationalization of Chile's lithium industry have on the global lithium market?

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