Lithium Miners Slump as Chile Unveils State-Led Policy
Shares of some of the world’s biggest lithium mining companies traded sharply lower on Friday after Chilean President Gabriel Boric unveiled a new state-led strategy to develop its vast resources of the metal, which is vital for the development of electric vehicles.
Mr. Boric, a leftist former student protest leader who took office last year, announced late Thursday plans to create a state-owned lithium company to develop Chile’s lithium resources, a key campaign promise. In a televised address, Mr. Boric said the state would take a majority stake in partnerships with private companies to develop lithium.
Shares of some of the world’s biggest lithium mining companies traded sharply lower on Friday after Chilean President Gabriel Boric unveiled a new state-led strategy to develop its vast resources of the metal, which is vital for the development of electric vehicles.
Mr. Boric, a leftist former student protest leader who took office last year, announced late Thursday plans to create a state-owned lithium company to develop Chile’s lithium resources, a key campaign promise. In a televised address, Mr. Boric said the state would take a majority stake in partnerships with private companies to develop lithium.
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