SANTIAGO (Reuters) – Chile needs to have three or 4 new lithium tasks operational by 2026, the nation’s Minister of Finance Mario Marcel stated on Saturday.

The South American nation – the world’s largest producer and the second-largest producer of lithium – initiated a coverage final yr to extend state management of the strategic metallic wanted in batteries for electrical automobiles.

Marcel spoke following a gathering with U.S. Treasury Secretary Janet Yellen, who has been touring the nation.

On Saturday, Yellen visited the U.S. lithium producer Albemarle (NYSE:) in northern Chile, saying expanded U.S.-Chilean ties would profit each nations, enhance power safety and assist obtain key local weather objectives.

There are at present solely two producers of lithium in Chile – Albemarle and SQM – with buyers nonetheless ready for the left-wing authorities of President Gabriel Boric to outline its nationwide lithium technique because it seeks public-private partnerships to develop its lithium salt flats.

Earlier this week, Chile’s mining minister stated the federal government had hoped to finalize lithium exploration tenders within the first quarter of this yr for personal firms.

Chile’s state-owned copper mining firm, Codelco, has been chosen to symbolize the Chilean state within the new public-private mannequin for lithium as Boric seeks to increase the long-stalled business.