Codelco must kick-start lithium industry while reviving copper output

Chilean President Gabriel Boric, seeking to expand the country's long-stalled lithium industry, has tasked state-owned Codelco, the world's largest copper producer, to lead the charge of developing the white metal needed for electric vehicle batteries.

Chile is already the world's No. 2 producer of lithium after Australia. But demand is exploding worldwide as automakers gear up to churn out electric vehicles to cut greenhouse gas emissions. The country sits on top of the world's largest known deposits of lithium and Boric's announcement in April gave Codelco responsibility for negotiating deals with new companies as well as current lithium miners Albemarle and SQM.