Chile's President Gabriel Boric announced on Thursday he would nationalise the country's vast lithium industry to boost the economy and protect the environment.
Chile is the world's second largest producer of lithium, a key component in batteries used in electric vehicles.that increases copper mining royalties on companies that produce more than 50,000 tonnes a year and raises taxes on high-income earners, increasing state participation in mining income.
In January, a Chilean congressional committee approved the mining royalty bill, putting it a step closer to final approval, despite having drawn strong criticism from industry.* In April, Myanmar's ethnic minority Wa militia said it will suspend all work at mines in areas it controls from August, a move that triggered a surge in the price of tin, a material used in electronics and semiconductors.
Myanmar accounted for 77% of China's tin ore imports last year, Chinese customs data showed. The Wa-controlled region is estimated to have accounted for over 70% of Myanmar's tin production in 2022, according to the International Tin Association.* A resource powerhouse, Indonesia is tightening controls over various materials in a push to develop local downstream operations and extract greater value.
Last October, President Joko Widodo said Indonesia was exploring a possible ban on tin exports, and calculations about its potential impact had begun, after the world's top tin exporter had already moved to halt shipments of a number of other metals in order to develop more processing at home.
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Chile's Boric announces plan to nationalize lithium industryChilean 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.
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