Tianqi Lithium Contests Chilean Regulator's Ruling on SQM-Codelco Deal

China's Tianqi Lithium has requested Chile's financial regulator to review its ruling that a joint venture between state-run Codelco and miner SQM doesn't need shareholder approval. The Financial Market Commission has 15 working days to respond. Tianqi, owning a fifth of SQM, is evaluating legal action against the decision.

China's Tianqi Lithium has asked Chile's financial regulator to reconsider its decision about the SQM-Codelco lithium deal not needing shareholder approval, newspaper La Tercera reported on Friday.

The newspaper added that the Financial Market Commission (CMF) would have 15 working days to issue its opinion on Tianqi's request. CMF earlier this month said that a planned lithium joint venture between state-run Codelco and miner SQM would not need to face a vote by SQM shareholders as argued by Tianqi, which owns a fifth of SQM.

Tianqi said last week it was evaluating possible legal action against the Chilean regulator's ruling. CMF did not immediately respond to a request for comment.

The Codelco-SQM agreement is a major plank of the Chilean government's aim to take a stronger role in lithium output, in a country that has only two producers, SQM and U.S.-based Albemarle. Chile is the world's second-largest producer of the metal used in batteries for electric vehicles.

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