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The State Administration for Market Regulation (SAMR) of China has approved the partnership between Sociedad Química y Minera de Chile S.A. (NYSE:SQM; Santiago Stock Exchange:SQM-B, SQM-A) and Codelco to jointly develop lithium extraction and related activities in the Atacama Salt Flat, according to a press release statement filed Monday.
The approval allows SQM and Codelco to proceed with their public-private association focused on the exploration and exploitation of certain mining properties of the Production Development Corporation (CORFO) in Chile’s Salar de Atacama. The joint venture will conduct extractive, productive, and commercial activities either directly or through subsidiaries or representative offices.
SAMR’s authorization is conditional on a series of commitments made by SQM, Codelco, and the joint venture. These commitments include safeguards to prevent the exchange of sensitive information with other participants in the lithium market, specific corporate governance practices, and an obligation to supply minimum quantities of finished lithium carbonate products to Chinese customers on fair, reasonable, and non-discriminatory terms. The pricing for these products is capped at levels specified in the commitment.
SQM stated that the commitments required by SAMR align with its established business practices in China. The company also indicated that, had these requirements been in effect since 2023, its financial results would not have changed substantially.
An English translation of the SAMR approval decision and the related commitments, including edits to protect free competition, will be made available to shareholders as soon as possible, according to the filing.
This information is based on a press release statement included in a recent SEC filing.
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