In a strategic move within the business media sector, Almar Water Solutions, an entity under the umbrella of Saudi Arabian conglomerate Abdul Latif Jameel Energy, is poised to enter a partnership with Chile’s government-supported Codelco for the Maricunga lithium mining initiative.
Established in 1976, Codelco is a prominent name in the Chilean mining industry, primarily known for its copper production.
Located in Northern Chile’s Atacama region, the Maricunga lithium project sits upon a rich vein of lithium brine, ranking it among the Americas’ most concentrated sources of the valuable mineral.
Almar’s CEO, Carlos Cosin, emphasized the company’s expertise in lithium extraction technology during an interaction with Reuters, emphasizing the importance of lithium as a critical component in the production of batteries.
As the runner-up in global lithium production and a key player in copper mining, Chile is actively seeking to bolster its lithium sector. To this effect, Codelco has engaged Rothschild, a prestigious investment bank, to secure a partnership for the Maricunga venture, with the goal of finalizing an arrangement by the following year.
Almar is open to the idea of introducing additional financial muscle into the consortium tasked with developing the Maricunga salt flats, as per Cosin’s statements.
The extraction of lithium, which is integral to the battery manufacturing industry, is carried out through rock mining or brine distillation. As of 2023, rock mining accounts for a significant 57 percent of the world’s lithium production.
Bandar Alkhorayef, the Saudi mining minister, is slated for a diplomatic visit to Chile with the intent of acquiring lithium to fuel Saudi Arabia’s burgeoning electric vehicle (EV) market. This visit, as reported by Reuters, includes scheduled meetings with Chilean officials to explore investment opportunities in the lithium sector.