Chile, home to the world’s largest lithium reserves, says Japanese battery and metals companies are among Asian investors interested in acquiring long-term preferential access to the ingredient, in exchange for adding value to the raw material and transferring skills.
A heavyweight in the mining world, Chile wants to woo companies that can help it develop processing and manufacturing capabilities.
In April, it granted Chinese EV maker BYD access to preferential prices for lithium carbonate produced by SQM, the world’s second-largest lithium producer, for use in a cathode factory to be built in the country’s north.
Additional lithium offtake – from Albemarle’s mine in Chile – will become available next year for similar deals. While SQM’s production contract expires in 2030, Albemarle’s runs through 2043, providing greater certainty to bidders for preferential prices and signalling a more competitive process, Chilean Economy Minister Nicolas Grau said.
“Battery producers want to be part of lithium extraction, and the only reason is to get certainty of supply,” Mr Grau said in an interview in Tokyo, where he’s leading a roadshow that will also take in South Korea, before heading to China with President Gabriel Boric.
“This is much simpler. They do not have to wait three years or five years to get lithium.”
Following meetings with Sumitomo, Mitsui and Sojitz, among others involved in the battery and EV supply chain, Mr Grau said Japanese companies were “quite interested” in investing.
Japan’s biggest battery producers and carmakers have been investing heavily in the development of next-generation batteries as they vie with Elon Musk’s Tesla and BYD – both front-runners in the global automotive industry’s shift towards zero-emission EVs.
Panasonic Holdings said it is making progress in creating Canada’s first lithium-ion battery supply chain for EVs made in North America. Japanese and Canadian officials met last week in Ottawa to sign a pact on EV supply chains.
Asked about efforts to attract investment from both China and nations aligned with the US – which is seeking to diversify its clean-energy supply chain, and with whom Chile has a free-trade agreement – Mr Grau said the country saw its agnostic approach as an advantage.
Chile, the biggest copper-producing nation and number two lithium supplier, has sought to make the most of booming battery-material demand, but it has occasionally rattled markets.
A plan announced this year by the Boric government outlined proposals for the state to take a controlling stake in lithium operations considered strategically significant, with twin goals of boosting output and making extraction more sustainable.
Still, the government has said it will respect the existing contracts of SQM and Albemarle – the only two lithium miners in Chile – and will allow private firms to retain control of projects in non-strategic areas.
Bidding for exploration contracts is scheduled to take place next year once authorities identify new production areas.
With only seven years left on its contract, SQM has entered into talks with state-owned Codelco for a new arrangement under the public-private model.
Any deal would see Codelco take a majority equity stake, but ideally the two firms would form a joint venture in which they “participate in a similar way in the operation”, Mr Grau said. Both sides have an interest in reaching a deal to avoid a hiatus, he said.
The minister dismissed concerns that despite Chile’s cost advantages – lithium from brine deposits is more easily processed into lithium carbonate – other countries, including Australia, have made quicker progress in capitalising on rising demand.
“We need to attract the right people,” Mr Grau said. “In our view, it’s not a competition with other countries, but it’s about how to do this well, how to attract the right people so we can take advantage of the huge opportunity that we have.”
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
Take Me Apart
Kelela
(Warp)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: Najem Al Rwasi, Fabrice Veron (jockey), Ahmed Al Shemaili (trainer)
2.30pm: Handicap (PA) Dh40,000 (D) 2,000m
Winner: Fandim, Fernando Jara, Majed Al Jahouri
3pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Harbh, Pat Cosgrave, Ahmed Al Mehairbi
3.30pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
4pm: Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh200,000 (D) 2,000m
Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
COMPANY%20PROFILE
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Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
Killing of Qassem Suleimani
