LatinNews Daily - 17 October 2023

* Chile’s President Gabriel Boric has announced an investment of US$233m from Chinese company Yongqing Technology Co. Ltd, a subsidiary of Chinese mining company Tsingshan, to boost Chilean lithium production. President Boric announced the investment in the new lithium plant as part of his trip to China, which began on 15 October, in which he has met with China’s President Xi Jinping, among other officials. Work on the plant, which will be located in Chile’s northern region of Antofagasta, will begin in 2025 and the project is set to create an estimated 668 jobs once it is producing at maximum capacity (120,000 tonnes). Both parties have agreed that 90% of the workers will be Chilean, and after its second year of production, Yongqing will sponsor ten Chilean professionals every year to study in China for four to six months. President Boric stated that Chile will not only focus on extracting lithium but also on educating its professionals for the future development of the whole industry. This proposal was received in the framework of the call by Chile’s state development agency (Corfo) for  Chilean and/or foreign companies to submit project proposals for developing value-added lithium products and therefore access lithium products produced by Chilean mining company SQM Salar S.A. at a preferential price until 2030.