Monday , June 21 2021

Corfo will submit before the 15 & # 39; December arbitration against Albemarle

Corfo reaffirmed today that before the 15 & # 39; December will submit to arbitration at the International Chamber of Commerce his contract with the American Albemarle, differences in interpretation & # 39; clause.

"We wish that this inconvenience does not happen because we are strategic partners in & # 39; this industry and I wish we successfully build agreement of & # 39; benefit for installation & # 39; this industry and we feel that the price they are offering to do so, "said Sebastián Sichel, Executive Vice President & # 39; Corfo, Reuters.

According to Corfo, Albemarle will not not fulfill its obligation to offer up to 25% of its annual capacity & # 39; lithium production – a key input in the electro industry – b & # 39; rate & # 39; discount for companies seeking to produce materials for batteries in Chile. .

The lithium producer said a few weeks ago in & # 39; a statement that it had made several bids and thought he had fulfilled its obligations to the Chilean government.

Corfo previously clarified that the dispute & # 39; Albemarle does not undermine its right to produce the lithium in the Salar de Atacama, one of the most desired light metal deposits in the world.

According to the government entity, the reduced rate agreed in the contract shall be equal to the lowest market price of lithium produced by the company and exported from Chile in the last six months, which was not will be met, according to Corfo.

"According to the legal strategy and that we as a state, we (in arbitration) borders and claims to be known in their minutes", said Sichel.
However, the head of Corfo stressed that the government focus is on promoting the development of & # 39; companies seeking to produce materials for Chile batteries, are therefore hoping that this will litigation be resolved in the shortest time.

"We want companies to be installed can & # 39; possible and hope that Albemarle will move closer to the position to understand is price & # 39; a reference that specified in the contract," said the executive of state agency.

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