Chilean President Gabriel Boric said on Thursday he would nationalize the country's lithium industry and create a separate state-owned company to produce the metal used to make electric vehicle batteries.
Boric said future lithium contracts would only be issued as public-private partnerships with state control. Chile holds the world's largest lithium reserves and is currently the world's second-largest producer.
"This is an opportunity for economic growth that will be difficult to beat in the short term," Boric said in a televised address. "This is the best chance we have at transitioning to a sustainanable and developed economy. We can't afford to waste it."
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