ENERGY MINERALS

SQM board to function independently

Chinese battery metals giant Tianqi Lithium has reached an agreement with fellow shareholder the Pampa Group over the future governance of Chilean state miner SQM.

Staff Reporter
Tianqi Lithium has reached an agreement with fellow shareholder the Pampa Group over the future governance of Chilean state miner SQM

Tianqi Lithium has reached an agreement with fellow shareholder the Pampa Group over the future governance of Chilean state miner SQM

Tianqi late last year picked up a 23.77% stake in SQM from Nutrien for US$4.1 billion.

Among the key elements of the joint agreement were the provision that SQM board decisions and the company's operations would be independent of both parties.

The shareholders ironed out their differences during a high-level visit of Pampa management to Tianqi's headquarters in China earlier this month.

Pampa had tried to block the Nutrien transaction. It had argued in unsympathetic Chilean courts Tianqi, which controls Talison Lithium, a JV with the world's biggest lithium producer Albemarle Corp in Australia, could share trade secrets with its US-based competitor and neighbour in Chile's lithium-rich Salar de Atacama.

"During the visit we had frank and open discussions in respect to our relationship as shareholders and, subsequently, have concluded an agreement which we believe will contribute to the stability of SQM's governance for the benefit of all its shareholders," Pampa vice chairman Patricio Contesse said.

"As shareholders of SQM, we are aware of the challenges and opportunities that lie ahead and expect this will leave our discrepancies behind as each of us focus our energy going forward in supporting SQM, its management and its board."

The agreement cleared the path for Tianqi to take up a position on the SQM board following the scheduled April 25 AGM.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.