Codelco and Quiborax create joint venture to advance in obtaining CEOL that will allow the exploitation of lithium in the Ascotán Salt Flat

This joint venture has an initial shareholding structure of 34% for Codelco and 66% for Quiborax, which must change in the future, given that the shareholders' agreement establishes the incorporation of a new shareholder who will assume a majority stake to develop the lithium project in the Salar de Ascotán in conjunction with Codelco.

The agreement also stipulated that Codelco's mining property and other assets in the salt flat could be contributed to the company after the CEOL (Codel Operational Agreement) was signed with the Ministry of Mining. Codelco and Quiborax submitted their application for this CEOL as a consortium in January 2025, and it is expected that in the coming weeks the Ministry will submit the Supreme Decree with the general terms and conditions of the CEOL to the Comptroller General of the Republic, which it will sign with Minera Ascotán SpA.

“At Codelco, we are taking concrete steps to ensure that Chile maintains its leading role in the lithium industry, both in Chile and globally. The creation of Minera Ascotán reaffirms the corporation's leadership in the National Lithium Strategy, always with the goal of generating value for the country and contributing to the global energy transition,” highlighted Máximo Pacheco, Chairman of the Board of Codelco.

At Minera Ascotán SpA, Codelco appointed Jaime San Martín and Felipe Killian as directors, while Quiborax named Allan Fosk, Ignacio Riva Posse and Yatsen Lee as directors, and its general manager will be Daniel Ocqueteau.

The Ascotán salt flat is the third largest salt flat in Chile containing underground brines. To date, it has not been explored for lithium; however, it has significant exploration potential.

“Lithium is key to the planet’s energy future, and Chile has a unique opportunity. With the creation of Minera Ascotán, which complements the work we are already developing with NovaAndino Litio in the Atacama Salt Flat and the partnership with Rio Tinto in Maricunga, Codelco is moving decisively forward to transform this mineral into development, technology, and well-being for future generations,” Pacheco concluded.

Read the article online at: https://www.globalminingreview.com/finance-business/09022026/codelco-and-quiborax-create-joint-venture-to-advance-in-obtaining-ceol-that-will-allow-the-exploitation-of-lithium-in-the-ascotn-salt-flat/