Etiqueta: BYD

Steep fall in lithium prices forces Chinese companies to back out of multimillion dollar deals to build battery material factories in Chile

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Two Chinese companies dropped plans to develop lithium-processing projects in Chile after the price of the battery metal tumbled, undermining the nation’s bid to add more value to its mineral exports.

By Daina Beth Solomon SANTIAGO (Reuters) -Chinese automaker BYD and metals group Tsingshan are backing out of multi-million dollar plans to build lithium cathodes plants in Chile, a major producer of the battery metal, company and government sources told Reuters 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

BYD filed its intent to withdraw with the national assets ministry, while Tsingshan told development agency Corfo it would no longer pursue the project.

Chinese automaker BYD and metals group Tsingshan have both informed Chilean authorities that they are withdrawing plans to construct lithium processing plants in Chile, newspaper Diario Financiero reported on Wednesday. BYD filed its intent to withdraw with the national assets ministry, while Tsingshan told development agency Corfo it would no longer pursue the project, the newspaper said. Tsingshan confirmed to Reuters that it had withdrawn its plans while BYD declined to comment.

Both companies had been selected in 2023 as strategic investors to develop value-added lithium products in Chile.

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These developments are hugely significant.