Codelco of Chile aims for 2030 production at Maricunga lithium site, according to document | Global News

Chile’s Codelco is gearing up for a major new lithium project, with plans to begin production in 2030. According to documents seen by Reuters, Rothschild & Co has started assessing candidates to partner with the state-run miner on this ambitious venture.

The project, known as “Project Paloma,” aims to kick off construction in early 2027 and commence production in early 2030. The initial phase will involve producing 20,000 metric tons of lithium carbonate equivalent per year using evaporation ponds, with an estimated capital cost of $1.2 billion. The subsequent phase will target 30,000 metric tons of LCE annually through direct lithium extraction, requiring an initial investment of $1.1 billion.

The potential use of direct lithium extraction (DLE) is being evaluated for implementation in 2033, as outlined in the investment document. Rothschild & Co is currently qualifying participants for the partnership process, inviting select parties to review the project details.

Chile, the world’s second-largest lithium producer, is strategically positioning itself to enhance its role in lithium production. Codelco’s Maricunga project represents a significant challenge as the company ventures into lithium production from scratch. Despite President Gabriel Boric’s push for DLE technology, Codelco’s focus on traditional evaporation ponds suggests a divergence from the anticipated production methods.

With Codelco’s ambitious plans and the country’s commitment to bolstering its lithium industry, the future looks promising for Chile’s position in the global lithium market. Stay tuned for more updates on this groundbreaking project.