Chile, President Boric announces the nationalization of the lithium industry

SANTIAGO – The Chilean President Gabriel Boric announced it will nationalize the lithium industry of the country, the world‘s second largest producer of the essential metal in electric vehicle batteries, to boost its economy and protect its environment.

This move will progressively transfer control of Chile’s vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company – a new challenge for EV makers as more and more countries are faced with efforts to protect own natural resources.