According to a report from Reuters, China’s Tianqi Lithium has purchased a 23.8% share in Chilean lithium miner SQM from Canadian fertilizer giant Nutrien, the Chilean stock exchange announced on Monday, December 3, for a total sale price of US$4.1 billion.
The sale to Tianqi comes as Chinese companies increasingly scour the globe for the raw materials necessary to ramp up Chinese production of electric vehicles, reported Reuters.
Lithium is a key component in the batteries that power everything from cellphones to electric vehicles.
“A minority stake in SQM is great from our perspective, especially when we look at long term growth and expectations for the lithium industry,” said Ashley Ozols, business development manager for Tianqi, after the deal closed.
