India Critical Minerals Supply Chain Faces Funding Gap Despite Policy Push

Indonesia nickel mining

India critical minerals supply chain ambitions face a major financing test as the country tries to reduce dependence on imported lithium, cobalt, nickel and rare earth materials. A new report from the Institute for Energy Economics and Financial Analysis warns that funding gaps, slow policy execution and raw material import dependence could delay India’s strategy.

India critical minerals supply chain development is becoming urgent because the country imports 100% of the lithium, cobalt and nickel used in clean energy manufacturing. Demand is expected to rise as India targets 30% electric vehicle penetration by 2030, along with 230GW of solar capacity and 140GW of wind capacity.

India critical minerals supply chain policy has moved quickly on paper. The government launched the National Critical Mineral Mission in January 2025 with a seven-year budget of 343bn rupees to support exploration and auctions.

However, the mission still lacks enough direct capital expenditure support for large-scale mining, refining and processing. That is the central weakness in India’s current critical minerals push.

Exploration Targets Need Processing Capital

The National Critical Mineral Mission targets 1,200 exploration projects and more than 100 critical mineral block auctions by 2030-31. This can improve domestic resource visibility, but exploration alone will not create battery, magnet or semiconductor supply chains.

Critical minerals projects require large upfront capital, long permitting timelines and technical processing capability. Mining projects can take 10-15 years to move from exploration to commercial production, creating long periods of uncertainty for investors.

India has identified major resource potential. The country reported 5.9mn t of inferred lithium resources in Jammu and Kashmir as of 2023. It also holds 13.15mn t of monazite deposits containing an estimated 7.23mn t of rare earth oxides.

The Geological Survey of India also identified 482.6mn t of rare earth ore resources through exploration projects in February. These figures suggest significant geological potential, but they do not solve the refining and separation challenge.

Rare earths are a clear example. Monazite and rare earth ore must be separated, purified, converted into metals or alloys, and qualified by downstream users before they can support magnets, defence systems, electronics or clean energy applications.

India’s midstream sector also faces pressure from Chinese overcapacity. China controls around 60-70% of global refining and processing capacity for key minerals such as lithium, nickel and cobalt, and about 90% of rare earth refining.

That dominance suppresses margins and makes new Indian refining projects harder to finance. Without price support, offtake contracts or direct capital backing, investors may hesitate to fund projects that compete against established Chinese capacity.

Import Dependence Extends Beyond Battery Metals

India’s critical minerals strategy now reaches beyond battery materials. The government classified coking coal as a critical and strategic mineral in January to reduce import dependence and support steel expansion.

This widens the funding challenge. India aims to increase crude steel production capacity to 300mn t/yr by 2030 and 500mn t/yr by 2047. Its Mission Coking Coal targets domestic output of 140mn t/yr by 2030, up from 66.49mn t/yr in fiscal 2025-26.

These goals will require long-term investment in mining, washing, transport, processing and related infrastructure. That makes critical minerals policy a broader industrial financing issue, not only an energy transition issue.

India is also seeking overseas supply partnerships. It is working with Australia, Argentina, Peru, Chile, Zimbabwe, Mozambique, Malawi and Côte d’Ivoire to secure access to critical minerals.

State-backed Khanij Bidesh India is also pursuing overseas lithium and cobalt assets. These efforts can reduce raw material risk, but they still need downstream processing and domestic industrial integration.

The global funding requirement is enormous. The International Energy Agency estimates that mining and refining will need $915bn in new investment during 2026-35 under its Announced Pledges Scenario.

For India, the strategic question is how to convert policy ambition into bankable projects. Auctions and exploration can identify resources, but refining plants, processing hubs, offtake agreements and financing tools will decide whether domestic supply chains actually emerge.

The Metalnomist Commentary

India has recognised the critical minerals problem, but recognition is not the same as industrial capacity. The next stage must focus on project finance, refining economics and guaranteed demand, or India will remain dependent on imported materials despite its resource potential.

Novandino Lithium Investment Targets $3.5bn Expansion in Chile’s Atacama

Novandino

Novandino lithium investment plans could reshape Chile’s lithium supply outlook as the producer prepares to spend more than $3.5bn to expand output and extend operations at the Atacama salt lake until 2060.

Novandino lithium investment will focus on the Salar Futuro project, which is designed to take production, sustainability and community engagement to a higher level. The company is close to submitting the project’s environmental impact study.

Novandino lithium investment remains subject to environmental approval. That approval is essential because the company needs authorisation for its Atacama operations in northern Chile’s Antofagasta region to continue beyond 2030.

The company is a joint venture between Chile’s state copper miner Codelco and SQM. Its expansion is strategically important because Chile remains one of the world’s most important lithium producers, but new project approvals have moved slowly.

Salar Futuro Could Extend Atacama Output to 2060

Salar Futuro is central to Novandino’s long-term growth strategy. The project would support continued operations at the Atacama salt lake while lifting production and improving environmental performance.

The company expects to produce 270,000t of lithium carbonate equivalent in 2026. Output is then expected to rise to 300,000t in 2027-2028, compared with 233,000t last year.

That growth would strengthen Chile’s position in global lithium supply at a time when Argentina is expanding rapidly and challenging Chile’s regional leadership.

The environmental impact study will be the key near-term milestone. Without approval, the company cannot secure the long operating extension needed to justify the investment.

Chile’s lithium sector has enormous resource strength, but regulatory complexity has slowed new supply. Novandino’s ability to advance Salar Futuro will therefore be closely watched by battery makers, automakers and lithium chemical buyers.

Technology Mix Targets Higher Efficiency and Lower Water Use

Novandino plans to use a combination of next-generation technologies to improve production efficiency and sustainability. The company is considering membrane filtration, mechanical evaporation and direct lithium extraction.

This technology mix matters because Chile’s lithium expansion is increasingly tied to environmental and community expectations. Brine operations must show better water performance, lower ecological impact and stronger local engagement.

The company said its water intensity per unit of production has fallen by 75% since 2016. That improvement is strategically important in the Atacama, where water use remains one of the most sensitive issues for lithium development.

Direct lithium extraction could also become an important part of Chile’s future production model. However, DLE must be adapted to each brine chemistry, making execution, cost control and scale-up critical.

For Chile, the project is more than a company-level expansion. It is a test of whether the country can grow lithium supply while meeting stricter sustainability standards and maintaining state participation through Codelco.

For the battery supply chain, higher Atacama output would provide more lithium carbonate equivalent from an established producing region. But timing will depend on environmental approval, technology deployment and project execution.

The Metalnomist Commentary

Novandino’s $3.5bn plan shows that Chile still has the resource base to defend its lithium position. The real challenge is whether regulatory approval and new extraction technologies can move fast enough to keep pace with Argentina’s accelerating project pipeline.

Argentina Lithium Growth Could Challenge Chile’s Regional Lead

Argentina Lithium

Argentina lithium growth could reshape Latin America’s lithium map over the next decade as new projects advance under more investor-friendly rules. Argentina is expected to match Chile’s lithium output by 2035, with some industry participants arguing it could overtake Chile even earlier.

Argentina lithium growth is being supported by faster permitting, large brine resources and stronger investment incentives. By contrast, Chile’s lithium expansion remains constrained by restrictive legislation, lengthy approval processes and uncertainty around new project development.

Argentina lithium growth is strategically important because lithium remains central to electric vehicles, energy storage and battery supply chains. Global buyers want large-scale, politically stable and western hemisphere supply outside more exposed jurisdictions.

Chile remains the region’s largest producer today. However, its future output growth depends heavily on existing producers and slow-moving new projects, while Argentina has a deeper pipeline of advanced developments.

Chile’s Lithium Policy Slows New Supply

Chile has long been Latin America’s dominant lithium producer, but its regulatory system is limiting new investment. Lithium remains non-concessionable and is still treated under legislation linked to nuclear materials.

Companies seeking to extract lithium in Chile must apply for special mining contracts. These contracts are granted through public bidding processes that can be lengthy, bureaucratic and uncertain.

This creates a major exploration problem. Companies may be reluctant to explore land if they cannot be confident of later securing extraction rights.

Chile’s national lithium strategy also requires all new projects to use direct lithium extraction. DLE is viewed as more environmentally friendly than traditional evaporation ponds, but it creates technical and cost challenges.

Each DLE process must be designed around the specific chemistry of each brine resource. That means technology used at one salar cannot simply be copied at another.

This raises development costs and lengthens project timelines. Industry participants estimate that DLE projects may require investment of up to $44,000 per tonne of lithium carbonate equivalent, compared with about $26,000/t for evaporation projects.

Chile’s new supply pipeline is therefore moving slowly. The first major new project, Rio Tinto’s Maricunga, is expected only by the end of 2030, with another new project expected in 2032.

Until then, Chile may rely mainly on capacity increases from existing producers. That could limit its ability to respond to rising lithium demand if Argentina’s project pipeline accelerates.

Argentina’s Rigi Regime Attracts Lithium Capital

Argentina is moving in the opposite direction. Its government has streamlined licensing and introduced the Rigi incentive regime for large investments.

Rigi provides tax exemptions, import-export benefits and legal protections for approved projects. It also allows companies to settle certain disputes in courts outside Argentina, improving investor confidence.

Ten lithium projects have already applied to Rigi, with three approved. The programme has become a major signal to international investors seeking policy stability and faster project execution.

Argentina now has more than 60 active lithium projects and seven producing assets, the most in Latin America. Two new developments are expected to come on line this year, lifting projected output to 159,000t of lithium carbonate equivalent.

That remains below Chile’s 305,000t in 2024. However, Argentina has more than 20 projects in advanced stages, including eight close to production.

Argentina’s mining ministry expects output to reach 583,000 t/yr of lithium carbonate equivalent by 2035. That would put the country in position to match or overtake Chile if Chile’s permitting regime does not change.

The investment logic is clear. Argentina offers large brine resources, a more open policy framework and exposure to western hemisphere supply chains. That combination is increasingly attractive to battery makers, automakers and mining companies.

Chile still has enormous lithium potential. But potential alone does not create supply. Without faster approvals and clearer rules, Chile risks losing regional leadership to Argentina.

For the lithium market, this shift matters. Argentina’s rise could increase competition, diversify supply and give buyers more options in South America. It could also make Latin America’s lithium growth less dependent on Chile’s policy choices.

The Metalnomist Commentary

Argentina’s lithium advantage is not only geological; it is regulatory. Chile still has world-class resources, but Argentina is turning policy speed into supply-chain momentum.

Eramet Argentina Lithium Plant Reaches 80% Capacity as Ramp-Up Recovers

Eramet Argentina Lithium Plant

Eramet Argentina lithium plant performance improved sharply in March as the Centenario-Ratones project reached around 80% of its designed capacity. The French mining group said the plant operated near 80% of its 24,000 t/yr nameplate capacity after recovering from February production setbacks.

The Eramet Argentina lithium plant is strategically important because Argentina is becoming one of the fastest-growing lithium supply regions globally. Stronger output from Centenario-Ratones supports the country’s push to challenge Chile’s long-standing lithium leadership.

The Eramet Argentina lithium plant produced 3,720t of lithium carbonate in the first quarter. Output was limited by downstream equipment shutdowns and natural gas supply constraints, but operations normalised in March.

Centenario-Ratones Recovers After February Disruptions

Eramet temporarily shut part of its downstream equipment in February for an extended period. The work was designed to implement improvements and support the ramp-up process.

Natural gas supply constraints also limited production during the quarter. These disruptions show that lithium brine projects depend not only on resource quality, but also on reliable processing equipment and energy supply.

Centenario-Ratones achieved its highest production rate to date in March. This suggests the project is moving closer to stable commercial performance after early ramp-up challenges.

The ramp-up is expected to be completed by July at the latest. If achieved, this would strengthen Eramet’s position in Argentina’s lithium supply chain and improve near-term lithium carbonate availability.

Lithium Sales Highlight Stronger Price Environment

Eramet sold 3,920t of lithium carbonate in the first quarter, generating €57mn in revenue. That implies an average realised price of roughly $16,986/t.

The first-quarter lithium revenue already exceeded Eramet’s lithium revenue for all of 2025. This highlights the impact of stronger lithium carbonate prices and improving sales volumes.

The result matters for project economics. Higher lithium prices can support ramp-up costs, equipment improvements and working capital needs during the early production phase.

For Argentina, Centenario-Ratones adds to a growing pipeline of lithium projects backed by more investor-friendly policies. Successful ramp-up would reinforce Argentina’s role as a major future source of lithium carbonate for battery supply chains.

The Metalnomist Commentary

Centenario-Ratones shows both the opportunity and execution risk in Argentina’s lithium growth story. Strong prices improve project economics, but stable energy supply and processing reliability will decide whether ramp-up targets become sustained production.

Argentina Lithium Growth Could Challenge Chile’s Regional Lead

Argentina Lithium

Argentina lithium growth could reshape Latin America’s lithium map over the next decade as new projects advance under more investor-friendly rules. Argentina is expected to match Chile’s lithium output by 2035, with some industry participants arguing it could overtake Chile even earlier.

Argentina lithium growth is being supported by faster permitting, large brine resources and stronger investment incentives. By contrast, Chile’s lithium expansion remains constrained by restrictive legislation, lengthy approval processes and uncertainty around new project development.

Argentina lithium growth is strategically important because lithium remains central to electric vehicles, energy storage and battery supply chains. Global buyers want large-scale, politically stable and western hemisphere supply outside more exposed jurisdictions.

Chile remains the region’s largest producer today. However, its future output growth depends heavily on existing producers and slow-moving new projects, while Argentina has a deeper pipeline of advanced developments.

Chile’s Lithium Policy Slows New Supply

Chile has long been Latin America’s dominant lithium producer, but its regulatory system is limiting new investment. Lithium remains non-concessionable and is still treated under legislation linked to nuclear materials.

Companies seeking to extract lithium in Chile must apply for special mining contracts. These contracts are granted through public bidding processes that can be lengthy, bureaucratic and uncertain.

This creates a major exploration problem. Companies may be reluctant to explore land if they cannot be confident of later securing extraction rights.

Chile’s national lithium strategy also requires all new projects to use direct lithium extraction. DLE is viewed as more environmentally friendly than traditional evaporation ponds, but it creates technical and cost challenges.

Each DLE process must be designed around the specific chemistry of each brine resource. That means technology used at one salar cannot simply be copied at another.

This raises development costs and lengthens project timelines. Industry participants estimate that DLE projects may require investment of up to $44,000 per tonne of lithium carbonate equivalent, compared with about $26,000/t for evaporation projects.

Chile’s new supply pipeline is therefore moving slowly. The first major new project, Rio Tinto’s Maricunga, is expected only by the end of 2030, with another new project expected in 2032.

Until then, Chile may rely mainly on capacity increases from existing producers. That could limit its ability to respond to rising lithium demand if Argentina’s project pipeline accelerates.

Argentina’s Rigi Regime Attracts Lithium Capital

Argentina is moving in the opposite direction. Its government has streamlined licensing and introduced the Rigi incentive regime for large investments.

Rigi provides tax exemptions, import-export benefits and legal protections for approved projects. It also allows companies to settle certain disputes in courts outside Argentina, improving investor confidence.

Ten lithium projects have already applied to Rigi, with three approved. The programme has become a major signal to international investors seeking policy stability and faster project execution.

Argentina now has more than 60 active lithium projects and seven producing assets, the most in Latin America. Two new developments are expected to come on line this year, lifting projected output to 159,000t of lithium carbonate equivalent.

That remains below Chile’s 305,000t in 2024. However, Argentina has more than 20 projects in advanced stages, including eight close to production.

Argentina’s mining ministry expects output to reach 583,000 t/yr of lithium carbonate equivalent by 2035. That would put the country in position to match or overtake Chile if Chile’s permitting regime does not change.

The investment logic is clear. Argentina offers large brine resources, a more open policy framework and exposure to western hemisphere supply chains. That combination is increasingly attractive to battery makers, automakers and mining companies.

Chile still has enormous lithium potential. But potential alone does not create supply. Without faster approvals and clearer rules, Chile risks losing regional leadership to Argentina.

For the lithium market, this shift matters. Argentina’s rise could increase competition, diversify supply and give buyers more options in South America. It could also make Latin America’s lithium growth less dependent on Chile’s policy choices.

The Metalnomist Commentary

Argentina’s lithium advantage is not only geological; it is regulatory. Chile still has world-class resources, but Argentina is turning policy speed into supply-chain momentum.

Codelco Copper Performance Faces Review Under Chile’s Kast Administration

Codelco

Codelco copper performance will come under tougher scrutiny as Chile’s new administration prepares to review the state-controlled miner’s finances, management and operational execution. Economy and mining minister Daniel Mas said the government will take a “very critical look” at Codelco to ensure it remains a major national company.

Codelco copper performance matters because the company remains one of the world’s largest copper producers, with direct output of 1.3mn t in 2025 and 1.4mn t including its share in non-operated mines. Any operational weakness at Codelco has direct implications for Chile’s copper supply, fiscal revenue and global refined copper expectations.

Codelco copper performance has also become a political issue because the company faces rising debt, safety concerns and cost overruns at major mine-life extension projects. The shareholder review scheduled for 20 April will focus on areas requiring concrete measures to improve performance.

Debt, Cost Overruns and Mine Projects Drive Government Scrutiny

The Kast administration’s review will examine Codelco’s financial position, management quality, safety record and project execution. Mas pointed to cost overruns tied to the renovation of Codelco’s corporate offices in Santiago and major investments at Rajo Inca and Chuquicamata underground.

These projects are strategically important because they support mine-life extensions at core Chilean copper assets. However, overruns can pressure capital discipline at a time when copper producers already face higher costs, lower ore grades and more complex underground development.

Mas also highlighted Codelco’s debt burden. The company took on $8.7bn in debt to help finance around $7bn in contributions to the state between 2022 and 2025, creating tension between its role as a national revenue source and its need to reinvest in production stability.

Lithium Strategy Review Adds Another Layer to Codelco’s Role

The government also plans to review Chile’s national lithium strategy inherited from the previous administration. However, Mas said the Codelco-SQM lithium venture will have security to operate if all legal stages have been completed.

Chile’s comptroller general approved the joint venture in December 2025, which was regarded as the final condition for the deal. The transaction gives Codelco 50% plus one share in Nova Lithium, the joint venture with SQM.

Mas argued that Codelco’s 2025 profit of $2.4bn was not a pure copper result, because only $388mn came from copper sales. The rest came mainly from the fair value of the SQM-linked lithium acquisition, adding to debate over how Codelco’s performance should be measured.

The Metalnomist Commentary

Chile’s review of Codelco shows that national copper champions face rising pressure to prove operational discipline, not only resource ownership. The bigger issue is whether Codelco can fund copper renewal, manage lithium expansion and still deliver fiscal value to the state.

 

Albemarle DLE Project Targets Higher Lithium Recovery in Chile’s Atacama

Albemarle

Albemarle DLE project plans in Chile could reshape lithium production at the Atacama salt flats by increasing recovery while reducing net brine extraction. The US-based lithium producer has submitted an environmental assessment for a $3.1 billion direct lithium extraction project at its Chilean operations.

The project is designed to add DLE capacity alongside Albemarle’s existing evaporation pond system. The company said the technology could recover nearly twice as much lithium while extracting up to 300 fewer liters per second of brine compared with traditional evaporation methods.

Albemarle DLE project development matters because Chile remains one of the world’s most important lithium supply regions. Any improvement in recovery, water management, and environmental performance could influence future lithium investment across brine-based operations.

Direct Lithium Extraction Could Change Atacama Production Economics

Direct lithium extraction uses chemical processing rather than long evaporation cycles. This can reduce production time from 12-18 months to just days, improving project flexibility and potentially accelerating lithium output.

Albemarle plans to install six DLE processing trains across three modules. These trains will complement the company’s evaporation ponds rather than immediately replace the existing system.

The process will produce lithium-depleted brine, which Albemarle plans to reinject into the salt flats’ reservoirs. Each DLE module would allow reinjection of 100 liters per second of brine, potentially reducing the company’s net extraction rate from 442 liters per second to 142 liters per second once the system reaches full capacity.

Infrastructure Investment Shows Scale of Lithium Transition

The Albemarle DLE project is not only a processing upgrade. The $3.1 billion plan also includes supporting infrastructure such as a power transmission line, a new electric substation, expansion of an existing substation, and adaptations to storage sites and pond systems.

Construction is expected to begin in the second half of 2028. The full buildout may take up to nine years, with modules commissioned and ramped up as they are completed.

The long timeline shows that DLE remains a complex industrial transition, not a simple plug-in technology. However, if successful, Albemarle’s project could strengthen Chile’s lithium competitiveness while responding to environmental pressure over brine extraction in the Atacama.

The Metalnomist Commentary

Albemarle’s DLE plan shows that the next phase of lithium competition will focus on recovery efficiency and environmental performance, not only reserve size. Chile’s challenge will be proving that higher output and lower brine impact can move together at commercial scale.

Brazil Critical Minerals Processing Stance Hardens as Lula Challenges Raw Export Model

Lula, Critical Minerals

Brazil critical minerals processing has become a tougher condition in the country’s negotiations with foreign partners. President Luiz Inácio Lula da Silva has made local processing, refining, and upstream investment central requirements for companies seeking access to Brazil’s critical minerals projects.

The harder position followed a critical minerals and rare earths forum hosted by Amcham, where the state of Goias signed a preliminary cooperation agreement with the US on rare earth development. The federal government did not attend the forum, but the political signal was strong enough to trigger a sharper response from Lula.

Brazil critical minerals processing is now positioned as a sovereignty issue, not only a mining policy issue. Lula argued that Brazil and other resource-rich countries should no longer export raw minerals while higher-value processing and industrial gains are captured elsewhere.

Lula Pushes End-to-End Critical Minerals Value Chain

Lula’s position reflects a clear demand for an end-to-end critical minerals value chain inside Brazil. He said Brazil should earn more from its resources by adding processing capacity, rather than remaining only a raw mineral exporter.

The Goias agreement with the US allows cooperation on state-tax exemptions, financing, and technical knowledge. However, it does not grant exploration or research rights, which remain under federal authority.

This distinction matters. State governments can support investment conditions, but Brazil’s federal government still controls the strategic framework for mineral access. That gives Lula strong leverage over any broader US-Brazil critical minerals agreement.

US Negotiations Face Brazil’s Processing Conditions

The US has been seeking a critical minerals agreement with Brazil for months, but Brazil has proven to be one of the toughest negotiators in South America. Chile, Bolivia, Argentina, Ecuador, and Peru have already signed bilateral critical minerals agreements with the US.

Brazil is taking a different position because its resource base is unusually strong. The country has the world’s largest niobium reserves and production, the second-largest rare earths and graphite reserves, the third-largest nickel reserves, and the sixth-largest lithium reserves.

Brazil critical minerals processing is therefore becoming the key obstacle and the key opportunity. If foreign partners want access to Brazil’s rare earths, lithium, nickel, graphite, and niobium, Lula wants them to support domestic refining, processing, and industrial development.

The Metalnomist Commentary

Brazil is trying to avoid becoming another raw-material supplier in the global critical minerals race. Lula’s stance may slow foreign agreements, but it could also force better terms for domestic processing, refining, and industrial value creation.

Brazil Critical Minerals Deals With US Highlight Rare Earths and Lithium Strategy

Brazil Critical Minerals Deals

Brazil critical minerals deals with the US are gaining momentum as Goias and Minas Gerais move to deepen cooperation on rare earths, lithium, and other strategic minerals. The two neighboring states hold some of Brazil’s most important mineral reserves and are trying to position themselves inside the global critical minerals supply chain.

Goias has signed a preliminary agreement with the US to support cooperation around rare earth reserve development. Minas Gerais is also preparing a similar agreement focused on lithium and other critical minerals.

Brazil critical minerals deals at the state level are not legally binding and do not grant exploration rights. However, they can support research, technical training, environmental licensing coordination, and tax incentives for foreign companies.

Goias and Minas Gerais Push Beyond Raw Mineral Exports

Goias is seeking to use US cooperation to improve mineral mapping, technical capability, and project development. The state wants to move beyond raw mineral exports and build stronger capacity around higher-value mineral development.

This ambition matters because Brazil has major resource potential but remains cautious about becoming only a supplier of unprocessed critical minerals. Rare earths, lithium, and other strategic materials carry far greater industrial value when linked to processing, refining, separation, and downstream manufacturing.

Minas Gerais adds another strategic layer because it holds Brazil’s largest lithium reserves. Together, Goias and Minas Gerais could become important partners for the US as Washington looks to diversify supply chains away from China-dominated critical mineral processing.

State-Level Diplomacy Pressures Brazil’s Federal Strategy

Brazil critical minerals deals with individual states also carry political weight. Goias and Minas Gerais are led by governors more aligned with the Trump administration than Brazil’s federal government, creating a possible pressure point in national trade negotiations.

President Luiz Inácio Lula da Silva has resisted any agreement that does not include commitments to develop processing and refining capacity inside Brazil. That position reflects a wider industrial policy concern: Brazil wants mineral value creation, not only mineral extraction.

The US has already signed critical minerals agreements with several Latin American countries, including lithium producers Chile, Bolivia, and Argentina, as well as copper-rich Ecuador and Peru. Brazil remains a tougher negotiator because it has the resource base, market size, and political incentive to demand more domestic value addition.

The Metalnomist Commentary

Brazil critical minerals deals show that resource diplomacy is moving from national capitals to state governments. The central question is whether Brazil can turn US interest into processing, refining, and industrial capacity rather than another raw-material export cycle.

US Chile Critical Minerals Talks Signal New Supply Chain Reset

US Chile Critical Minerals

US Chile critical minerals cooperation is moving onto a formal diplomatic track after the two countries signed a joint declaration to begin discussions on critical minerals and rare earths. The agreement was signed in Santiago during a meeting between Chilean president José Antonio Kast and US deputy secretary of state Christopher Landau.

US Chile critical minerals talks will focus on mechanisms to strengthen supply chains for strategic raw materials. Chile’s foreign affairs ministry said technical teams will examine projects of interest, scrap management for critical minerals and rare earths, and public-private financing mechanisms.

US Chile critical minerals cooperation carries direct industrial importance because Chile is one of the world’s most important resource economies. The country is the largest global copper producer and the third-largest lithium producer, while its large lithium reserves remain underdeveloped because of long-standing legal restrictions.

Chile’s Copper and Lithium Base Gives the Talks Strategic Weight

Chile’s mineral position gives the US a clear reason to rebuild cooperation. Copper is central to power grids, electrification, data centers, renewable energy, industrial equipment, and defense systems. Lithium remains essential for batteries, energy storage, and electric vehicles.

The new talks also include rare earths and scrap management. That broader scope suggests the discussions are not limited to mining projects. They may also cover recycling, secondary raw materials, processing routes, and financing structures that can support a more resilient supply chain.

Chile’s untapped lithium potential is especially important. The country has the world’s largest lithium reserves, but development has been constrained by legacy laws and policy limits. If cooperation creates more investable project structures, Chile could become a more active pillar in allied battery material supply.

US Policy Shift Reopens a Critical Minerals Channel With Chile

The declaration also marks a reset in US-Chile relations after a tense period under former president Gabriel Boric. Washington had moved ahead with critical minerals partnerships with other allies earlier this year, but Chile was not included in the initial initiative.

That omission made Chile’s absence notable. Any serious Western critical minerals strategy is difficult to build without Chile because of its copper and lithium position. The new declaration therefore signals a practical return to resource diplomacy.

For Chile, the discussions could open access to financing, technology, and downstream partnerships. For the US, they offer a pathway to reduce exposure to concentrated supply chains and secure materials needed for industrial competitiveness, energy security, and defense resilience.

The Metalnomist Commentary

The US cannot build a credible critical minerals strategy without Chile. The key question is whether this declaration becomes a real project-financing framework or remains another diplomatic signal without industrial execution.

Lithium Market Growth Could Reach 25pc in 2026 as Battery Storage Demand Surges

SQM BESS

Lithium market growth could reach 25pc in 2026 as stronger battery energy storage demand combines with steady electric vehicle consumption, according to Chilean producer SQM. The outlook suggests that the lithium market is entering a new demand phase led not only by EVs, but also by large-scale stationary storage.

SQM raised its 2026 production guidance to 260,000t of lithium carbonate equivalent, up from 230,000t in 2025. The company also expects sales to rise by 10pc this year, supported by strong Asia-Pacific demand and full-capacity operations at its Atacama assets.

Lithium market growth is also improving short-term pricing expectations. SQM expects first-quarter sales to rise by more than 15pc from the same period in 2025, which would set a record for January-March sales. The company also expects prices to be substantially higher than the $10/kg level recorded in the fourth quarter.

Battery Storage Demand Changes the Lithium Growth Model

Battery energy storage is becoming a stronger driver of lithium demand. This matters because Bess demand can grow independently of passenger EV cycles, especially as grids add more renewable power and require storage for stability.

SQM’s outlook shows that lithium producers are increasingly watching storage demand alongside EV sales. EV consumption remains steady, but storage growth can absorb additional lithium carbonate equivalent volumes and tighten the market faster than expected.

The company has already secured contracts covering 80pc of its 2026 LCE volumes. That leaves 20pc, or around 52,000t, available for spot market sales. This structure gives SQM exposure to higher prices if demand remains strong, while also protecting much of its volume through contract coverage.

SQM Output Expansion Strengthens Chile’s Lithium Position

SQM produced 233,000t of lithium carbonate equivalent in 2025, up 14pc from the previous year. A record fourth quarter drove the result, with NovaAndino Litio producing 66,000t LCE, up 52pc from the same period in 2024.

NovaAndino Litio is the new name of SQM’s Chilean lithium subsidiary following its merger with Codelco. The rebrand signals the growing importance of Chile’s state-linked lithium strategy and the central role of the Atacama operations in global supply.

SQM’s Australian operations also continued to progress. Its attributable production from the Mt. Holland extraction site reached 156,400t of lithium concentrate in 2025, while the Kwinana hydroxide refinery produced 1,600t LCE during its ramp-up phase. These assets give SQM a broader lithium platform across both brine and hard-rock supply chains.

The Metalnomist Commentary

SQM’s forecast shows that lithium demand is becoming more diversified and less dependent on EVs alone. If battery storage continues to outperform expectations, producers with flexible sales exposure and reliable capacity could regain pricing power faster than the market expected.

Codelco Rio Tinto Partnership Targets Faster Mining Development in Chile

Codelco Rio Tinto Partnership

Codelco Rio Tinto partnership plans could accelerate major mining development in Chile as the state-owned copper and lithium group seeks deeper cooperation with global miners. The preliminary agreement will focus on identifying joint investment opportunities in large-scale mining projects across the country.

Codelco and Rio Tinto will create an executive committee made up of senior officials from both companies. The committee will identify prospective pilot projects, assess major mining opportunities, and oversee implementation where cooperation advances.

The Codelco Rio Tinto partnership reflects a broader strategic shift inside Chile’s mining sector. Codelco wants to accelerate timelines, reduce costs, and improve ESG compliance by sharing technical knowledge with established international mining companies.

Chile Turns to Partnerships to Unlock Copper and Lithium Growth

Chile remains one of the world’s most important copper producers, but project development has become more difficult. Lower ore grades, permitting complexity, water constraints, community expectations, and capital intensity are increasing the pressure on producers.

Codelco’s partnership strategy aims to address those constraints. By working with companies such as Rio Tinto, the Chilean state miner can access technical expertise, operational experience, project discipline, and global capital networks. This could help move exploration and development projects faster.

The agreement also builds on Codelco’s recent cooperation with other major miners. The company partnered with BHP last year to enhance copper exploration in the Antofagasta region. This suggests Codelco may pursue more private-sector alliances as Chile works to protect its long-term copper output.

Rio Tinto Ties Strengthen Chile’s Critical Minerals Platform

Rio Tinto and Codelco have already been strengthening their relationship through work on the Maricunga lithium project and the Nuevo Cobre region. The new agreement broadens that cooperation and positions both companies to explore additional copper and lithium opportunities.

This matters because Chile is central to both traditional mining and the energy transition supply chain. Copper remains essential for power grids, electrification, EVs, renewables, and industrial infrastructure. Lithium remains strategically important for batteries and energy storage.

The Codelco Rio Tinto partnership therefore carries value beyond individual projects. It signals that Chile’s mining future may depend increasingly on structured cooperation between state-owned champions and global mining companies with advanced technical and ESG capabilities.

The Metalnomist Commentary

Codelco’s partnership model shows that Chile understands the limits of going alone in a more complex mining environment. The next competitive advantage will come from faster permitting, stronger technical execution, and alliances that can turn resource potential into reliable supply.

Rio Tinto Lithium Capacity Expansion Targets 200,000 t/yr by 2028

Rio Tinto, Lithium mining

Rio Tinto lithium capacity expansion is moving into a much larger phase. The miner expects lithium carbonate equivalent capacity to reach 200,000 t/yr by 2028. That would be more than triple the 57,000t produced in 2025. As a result, Rio Tinto lithium capacity expansion is becoming a major growth story in the global lithium market.

This matters because Rio Tinto now sounds more committed than before. The company had previously linked the target to market conditions and returns. It now says all in-house projects remain on track. Therefore, Rio Tinto lithium capacity expansion is shifting from conditional ambition to active execution.

The company also sees stronger demand support from battery storage. Management said battery energy storage systems are becoming a fast-growing demand pillar. That trend is now outpacing electric vehicle growth. Consequently, battery storage lithium demand is strengthening the case for faster capacity buildout.

Rio Tinto Lithium Projects in Argentina and Canada Drive the Growth Plan

Rio Tinto lithium projects in Argentina are central to the near-term ramp-up. A 10,000 t/yr expansion at Fenix and the new 15,000 t/yr Sal de Vida project should lift 2026 output to 61,000-64,000t LCE. Both projects are already mechanically complete and moving through commissioning. As a result, Rio Tinto lithium projects are starting to convert capital spending into real production growth.

Rincon is another major part of the plan. Its 3,000 t/yr starter plant is progressing well and should reach full capacity by year-end. Once fully developed, Rincon is designed for 60,000 t/yr. Therefore, Rio Tinto lithium capacity expansion has meaningful scale beyond the first Argentina assets.

Canada also matters more now. Rio Tinto increased its stake in Nemaska to 53.9pc and took direct management control. The company wants to build an integrated lithium chain in Quebec from mining to refining. Meanwhile, Nemaska’s mine is 60pc complete and still targets first production in 2028.

Battery Storage Lithium Demand and Chile Exposure Broaden the Strategy

Battery storage lithium demand gives Rio Tinto a broader demand base than EVs alone. That is important because it reduces reliance on one single end market. The company now sees storage as a consistent source of future lithium consumption. As a result, Rio Tinto lithium capacity expansion looks better aligned with changing battery market dynamics.

The strategy also reaches beyond Argentina and Canada. Rio Tinto expects its agreements with Codelco and Enami in Chile to close in the first half of 2026. Those deals would give the company access to two major untapped lithium resources. Therefore, Rio Tinto lithium projects are expanding across several of the world’s most important lithium regions.

Capital spending confirms the seriousness of the push. Rio Tinto spent more than $1bn on lithium expansion projects in 2025. That level of investment shows lithium is becoming a more meaningful business line inside the group. Consequently, lithium carbonate equivalent capacity is no longer a side opportunity for Rio Tinto.

The Metalnomist Commentary

Rio Tinto is no longer testing lithium. It is building a serious multi-region platform around it. The most important signal is not only the 200,000 t/yr target. It is that battery storage demand now gives the company a stronger reason to keep scaling aggressively.

Codelco Lithium Ascotan Move Expands Chile’s Strategic Control Over New Brine Assets

Codelco Lithium

Codelco lithium Ascotan plans mark another important step in Chile’s effort to keep stronger state influence over future lithium supply. Codelco and Quiborax formed a joint venture called Minera Ascotan and applied for a special lithium operating contract. That contract is required for lithium extraction in Chile. As a result, Codelco lithium Ascotan plans now sit at the center of Chile lithium strategy.

This move matters because Ascotan is not a minor asset. The salt flat is described as the third largest lithium reserve in Chile. That gives the project long-term strategic value inside one of the world’s most important lithium jurisdictions. Therefore, Codelco lithium Ascotan plans strengthen the state miner’s growing role in Chile’s next lithium phase.

The structure of the deal also reveals the political logic. Chile’s current framework requires public-private partnerships so the state can retain control while private capital supports development. That model has been in place since 2023 under the CEOL-based lithium strategy. Consequently, Chile lithium public-private partnership is now the main route for new project access.

Ascotan Salt Flat Adds to Codelco’s Expanding Lithium Portfolio

Ascotan salt flat adds another major asset to Codelco’s widening lithium position. The state miner is already set to become the majority owner in SQM’s Atacama operations from 2031. It is also advancing its partnership with Rio Tinto at Maricunga. As a result, Codelco lithium Ascotan plans are part of a broader portfolio build, not a standalone move.

That portfolio strategy matters because Chile wants more than royalty exposure from lithium. It wants stronger long-term participation in ownership, production, and strategic decision-making. Codelco is clearly becoming the state’s main operating vehicle for that ambition. Therefore, Ascotan salt flat could become another pillar in Chile’s effort to shape its own lithium future more directly.

The Quiborax partnership appears tactical as well as commercial. The article suggests Codelco likely chose a non-mining partner to secure the CEOL process more quickly. That reflects rising urgency ahead of a political transition. Meanwhile, it shows how project structure can be shaped by policy timing as much as geology.

Chile Lithium Strategy Faces a Political Test as New Leadership Nears

Chile lithium strategy now faces a more uncertain political backdrop. The article notes that incoming president Jose Antonio Kast has shown willingness to change the country’s lithium mining policy. He is scheduled to take office on 11 March. As a result, Codelco lithium Ascotan plans may also be an effort to lock in strategic progress before policy direction potentially changes.

The future ownership structure also remains important. Quiborax currently holds 66pc of the joint venture, but both initial partners are expected to make room for a new majority owner once the CEOL is granted. That new partner would be responsible for developing the project. Therefore, Chile lithium public-private partnership will remain central even if Codelco keeps strategic influence.

This makes the Ascotan move significant for the wider market. It shows Chile is still pushing forward with a state-guided lithium model, even as political uncertainty grows. If Codelco continues adding assets at this pace, Boric’s vision of making it Chile’s leading lithium producer could become more credible than many expected.

The Metalnomist Commentary

This move matters because it shows Chile is still trying to build lithium control through structure, not just ownership slogans. Codelco is becoming the state’s main instrument for that strategy. If Ascotan advances, Chile may prove that public-private lithium development can still move forward even in a changing political environment.

Argentina Lithium Feedstock Factory Could Cut Costs and Strengthen Local Supply

Argentina Lithium

The Argentina lithium feedstock factory could change the country’s cost structure for lithium brine processing. Tsingshan is preparing to open the plant in Jujuy. The site will produce soda ash and hydrochloric acid locally. As a result, the Argentina lithium feedstock factory could reduce import dependence across the highland lithium sector.

The project matters because reagents are central to lithium brine processing economics. Producers in Argentina still import most chemical inputs. That raises logistics costs and delays deliveries to remote operations. Therefore, local chemical supply could improve both margins and reliability.

Tsingshan has upgraded the Perico facility since July 2023. The plant can produce up to 30,000 metric tonnes per year of soda ash. Hydrochloric acid capacity has not been disclosed. However, even partial local supply would ease pressure on upstream lithium projects.

Local Chemical Supply Could Lower Argentina Lithium Production Costs

Argentina lithium production costs remain structurally high versus Chile. Operators face difficult access routes and limited road infrastructure. That makes reagent transport more expensive. Consequently, Argentina’s operating costs are about 20 percent higher today.

Feedstock demand also shows the scale of the logistics burden. Around 4 tonnes of feedstock are needed for 1 tonne of lithium carbonate. One producer in Salta receives about 20 trucks per day. Therefore, every local tonne of reagent could reduce freight intensity.

The Argentina lithium feedstock factory could improve competitiveness without waiting for major mining expansion. Lower chemical costs would support existing producers first. It could also improve project economics for new entrants. Meanwhile, investors may view local input manufacturing as a positive signal for long-term industrialisation.

Tsingshan Argentina Expands Beyond Chemicals Into Resource Positioning

Tsingshan Argentina is not building only a support asset. The company has also partnered with Jujuy on a lithium project in the Olaroz salt flats. That creates vertical alignment between chemicals and extraction. As a result, Tsingshan could strengthen its position across the regional lithium value chain.

This approach reflects a broader shift in battery materials strategy. Companies increasingly want control over feedstocks, processing, and resource access. Argentina offers scale, but it still needs better industrial support systems. Therefore, reagent localisation may become a model for future investment.

For global supply chains, the message is clear. Lithium competitiveness does not depend only on geology. It also depends on chemicals, roads, and execution. The Argentina lithium feedstock factory highlights how midstream support can reshape upstream economics.

The Metalnomist Commentary

Argentina’s lithium challenge has never been only about resource quality. It has also been about cost inflation caused by imported inputs and weak infrastructure. If this plant performs well, local feedstock production could become one of the country’s most practical competitive advantages.

Chile joins 4 critical mineral R&D projects led by Enami and Corfo

Enami

Chile joins 4 critical mineral R&D projects as Enami steps into late-stage pilots with partners across cobalt, rare earths, and lithium. Chile joins 4 critical mineral R&D projects by contributing mining waste streams and technical staff. Therefore, the program targets faster validation of extraction methods under real operating conditions.

Chile joins 4 critical mineral R&D projects through Corfo-backed initiatives that move from lab results to pilot proof. Enami will supply mining waste from its operations for testing and scale-up. Meanwhile, Enami will provide specialised labour to analyse results and validate methods during pilot execution.

Chile joins 4 critical mineral R&D projects with four distinct workstreams in 2026. One project targets cobalt recovery from mining waste with Andres Bello University and a $3mn budget. Another aims to develop and test rare earth extraction, separation, and processing with junior miner NEORE under a $4mn programme.

Why mining waste becomes a strategic feedstock for critical minerals

Mining waste can unlock critical minerals without new mine footprints. Tailings and ferrous waste can carry recoverable cobalt or rare earths in measurable grades. As a result, R&D that proves consistent recovery can reduce permitting friction and shorten time to supply.

Pilots also de-risk the hardest variables for investors and operators. Metallurgy, reagent intensity, and impurity control often break economics at scale. However, industrial waste trials can reveal practical recovery rates and processing costs earlier than greenfield projects.

What to watch in 2026: REE extraction and direct lithium extraction pilots

Two Enami collaborations with Corfo’s R&D branch CNP focus on rare earths and lithium. One project seeks to extract rare earths from ferrous mining waste in northern Chile with a $3.9mn budget. Another studies direct lithium extraction under a $1.9mn programme.

These efforts sit in the “closing stages” and plan to begin in 2026. Therefore, the key signal will be whether pilots deliver repeatable results across variable waste batches. Meanwhile, successful validation could support a pipeline of modular processing units near existing mining sites.

The Metalnomist Commentary

This approach treats waste as a scalable feedstock, not a cleanup cost. However, the projects will only matter if pilots prove consistent output quality and manageable impurities. Chile can win by standardising data and moving quickly into commercial modules.

US-Chile critical minerals talks kick off with new joint declaration

US-Chile

US-Chile critical minerals talks started in Santiago on President Jose Antonio Kast’s first day in office. US-Chile critical minerals talks aim to build stronger supply chains for critical minerals and rare earths. The two governments signed a joint declaration to launch technical work quickly.

The declaration sets a practical agenda for project selection and financing tools. Technical teams will identify “projects of interest” across critical minerals and rare earths. They will also examine scrap management and recycling pathways for strategic materials.

US-Chile critical minerals talks also reflect a reset after recent diplomatic friction. Relations cooled under former president Gabriel Boric, and visa revocations sharpened tensions. However, the new talks signal a shared focus on security and commercial stability.

What the discussions target for supply chains, scrap, and financing

The agenda prioritizes mechanisms that de-risk investment and shorten development timelines. Officials will explore public-private financing structures suited to large industrial projects. Therefore, policy design will matter as much as geology.

Scrap and end-of-life material flows also move into the center of the framework. Better tracking and processing can unlock domestic feedstock for rare earths. Meanwhile, scrap rules can reduce exposure to export controls and price shocks.

Why copper and lithium shape the strategic logic

Chile’s copper scale makes it essential to grid expansion and data center buildouts. Copper remains the most direct metal input to electrification infrastructure. As a result, supply chain cooperation can translate into real industrial resilience.

Lithium adds a second pillar to the relationship, even before new laws unlock full reserves. Chile already sits near the top of global lithium production. However, legacy restrictions have limited how fast untapped resources can convert into output.

The Metalnomist Commentary

This framework looks designed to turn diplomacy into bankable projects. However, execution will hinge on permitting speed and credible recycling economics. The winners will secure long-term offtake and transparent investment terms.

Chile lithium mining license moves forward under private–indigenous JV model

Chile lithium mining

Chile lithium mining license dynamics are shifting as a private–indigenous joint venture moves first in the new Ollagüe process. The Chile lithium mining license application was filed by Kuska Minerals, a JV between Canada’s Wealth Minerals and the Quechua Indigenous Community of Ollagüe. The Chile lithium mining license bid positions Kuska as an early mover in a basin that the government already classed as high potential in 2024. By partnering with the CIQO, Wealth aligns directly with Chile’s requirement for agreements with affected native communities. This structure also helps the company streamline its own consultation process while offering the community a 5pc equity stake in future value.

Indigenous partnership reshapes Ollagüe lithium approvals

Chile now places indigenous consultation at the centre of lithium approvals, and the Ollagüe salt flat shows how this works in practice. Authorities recently completed native consultations that remapped the exploitable area to protect culturally sensitive zones and populated areas. As a result, the mining ministry opened a fresh application round focused on the remaining brine resources. Kuska is, so far, the only bidder to publicly submit an official application for this high-altitude basin. The JV is now verifying that it meets every technical and legal criterion and has committed to comply fully before the undisclosed deadline. This early alignment with both state and community expectations should reduce project risk if the license advances to the next stage.

Faster licensing supports Chile’s lithium expansion strategy

Chile is using a streamlined process in Ollagüe to accelerate lithium supply while preserving regulatory control. Officials expect the new licensing window to move relatively quickly, signalling to investors that administrative reforms are starting to bite. At the same time, the country has already approved seven other lithium-related permits this year, including projects linked to Eramet, a JV with Quiborax and Codelco, and two Rio Tinto applications. These approvals affirm Chile’s intent to turn selected salars into bankable projects, rather than leaving resources stranded amid policy debate. For downstream battery and EV supply chains, the Ollagüe basin could become another node in a diversified, ESG-sensitive lithium portfolio if Kuska’s bid succeeds.

The Metalnomist Commentary

Kuska’s structure shows how future lithium developers in Chile may need to blend foreign capital, state oversight and genuine indigenous participation. If this model delivers both social licence and predictable approvals, it could become a template for other high-potential salars. Global buyers should watch Ollagüe closely, as community-anchored licensing could shape both cost structures and long-term offtake security.

Chile lithium contract with Enami anchors new national strategy

Chile lithium mining

Chile lithium contract with Enami marks a major step in the country’s new lithium strategy. The agreement grants Enami rights over the Altoandinos salt flat, Chile’s largest undeveloped lithium deposit. It also establishes the first special lithium operation contract, known locally as a Ceol, under Boric’s strategy.

Altoandinos salt flat and Chile’s lithium strategy

The Chile lithium contract with Enami runs until 2060 and targets production starting around 2032–2034. Enami and partner Rio Tinto plan to develop the Aguilar, Grande and La Isla salt flats. The state miner reports 15mn tonnes of lithium carbonate equivalent, significantly above Chile’s published resource base. As a result, Altoandinos could become a flagship asset within Chile’s broader national lithium strategy.

Chile lithium contract with Enami operates within a strict strategic resource and nuclear oversight framework. Laws from the 1970s and 1980s classify lithium as strategic and limit purely private concessions. Therefore, Ceols must pass review by the nuclear energy commission and other state institutions before development. This framework aims to capture more value for Chile while controlling environmental and social risks in the Atacama.

Global EV supply chains and Chile’s lithium leadership

Chile remains the world’s second largest lithium producer, anchored by SQM and Albemarle in the Atacama salt flat. However, the Chile lithium contract with Enami shows how future growth will rely more on state led partnerships. The Altoandinos project can diversify production beyond the core Atacama operations and support long term export revenues. Meanwhile, global battery and EV manufacturers will view this contract as an important new source of high grade brine.

Competition for secure lithium supply will intensify as more countries classify the metal as strategic. Therefore, Chile lithium contract with Enami sends a strong signal to investors about policy direction and project pipeline. International partners must understand the state’s central role, longer development timelines and heightened community expectations. As a result, any Altoandinos timetable slippage could reshape global supply expectations for EV batteries and energy storage.

The Metalnomist Commentary

Chile’s new contracting model blends resource nationalism with pragmatic partnerships across the lithium value chain. Investors that align with this approach and accept higher state involvement may gain durable exposure to premium brine assets. Yet they must also plan for stricter governance, evolving royalty regimes and closer scrutiny from global downstream customers.

Galan Lithium funding secures 2026 start at Hombre Muerto West

Galan Lithium

Galan Lithium funding unlocks construction and commissioning at Argentina’s HMW brine project. Galan Lithium funding arrives in two A$10mn tranches from Clean Elements. As a result, Galan Lithium funding keeps first production on track for the first half of 2026.

Project timeline, RIGI support, and initial capacity

Galan secured A$20mn to complete 2025 construction and early-2026 commissioning. The investor will pay in September and November. Therefore, the HMW lithium chloride plant remains on schedule for an H1 2026 start. Argentina granted HMW access to the RIGI regime. The policy provides 30 years of tax and legal stability. This improves returns and reduces policy risk during ramp-up. Management targets initial production of 4,000 t/yr LCE. The plan then lifts output to 5,400 t/yr at full capacity.

Resource quality, process advantages, and strategic positioning

HMW sits in Catamarca with high-grade, low-impurity brine. Clean Elements highlights lower magnesium and calcium versus Chile’s Atacama. Lower impurities can cut reagent needs and operating costs. The project reports 7.86mn t LCE in total resources. That equals roughly 24.6mn t lithium chloride equivalent. The product slate begins with lithium chloride concentrate. Downstream conversion options remain open as markets evolve. Meanwhile, stable funding narrows execution risk and protects the schedule.

The Metalnomist Commentary

Funding that bridges the “last mile” often determines whether brine projects hit nameplate. HMW now has capital, regime stability, and a credible timetable. The next value drivers are brine chemistry in continuous operation, reagent efficiency, and offtake price realization.