Santiago, November 10, 2025 - The antitrust regulator of the People's Republic of China (State Administration for Market Regulation, SAMR) granted its approval for the partnership between Codelco and SQM, which will allow the State of Chile to play a leading role in global lithium production.

“ The work begun more than a year ago has borne fruit thanks to the commitment and rigor of hundreds of professionals and managers from both companies. For Codelco and SQM, and for all of Chile, it is a source of pride to have received this support, which will allow us to contribute decisively to the development of the critical minerals the world needs to advance in the energy transition ,” said Máximo Pacheco, Chairman of the Board of Codelco. “ This demonstrates that Chile can achieve any goal if it acts collaboratively, rigorously, and with a sense of national responsibility ,” he added.

Since the announcement of the agreement between Codelco and SQM in December 2023 and its formalization in May 2024, both companies have worked intensively on fulfilling the necessary preconditions to finalize the partnership.

Key advances include the approval granted by the National Economic Prosecutor's Office (FNE) on April 24, 2025. This is in addition to the approvals from competition authorities in Brazil, Japan, South Korea, Saudi Arabia, and the European Union, who reviewed the agreement and confirmed its compliance with global competition rules and best practices.

Likewise, the Chilean Nuclear Energy Commission (CChEN) approved the lithium extraction quota from the Atacama Salt Flat for the period 2031-2060, ensuring the continuity of operations under a clear and sustainable regulatory framework.

In parallel, both companies have engaged in intensive dialogue with the communities surrounding the salt flat, and Corfo carried out the Indigenous consultation process in accordance with ILO Convention 169, guaranteeing the effective participation of the communities linked to the territory. Also during this period, Corfo formalized the lease agreement for the mining concessions in the Atacama Salt Flat with Codelco's subsidiary, Minera Tarar SpA, for the period 2031-2060.

With the authorization of the SAMR of the People's Republic of China, all necessary international approvals have been obtained. At the local level, only the review of the Corfo-Tarar contracts by the Comptroller General of the Republic (CGR) remains, a process initiated in mid-September that must be completed before the agreement fully enters into force.

Strategic relevance of the agreement

The partnership between Codelco and SQM represents a momentous step for Chile, as it implements the National Lithium Strategy and positions the country as a global leader in the production of critical minerals key to the development of electromobility and clean energy, pillars of the global energy transition. With this partnership, all Chileans, through the State, will exercise control over a resource that belongs to everyone.

For Codelco, the partnership represents a natural expansion of its portfolio into lithium. This complements its long-standing position in copper and opens new lines of business with high growth potential and strategic value.

For SQM, the alliance with Codelco ensures operational continuity in the Atacama Salt Flat with even stricter criteria in terms of efficiency, innovation, sustainability and collaboration with communities under a modern public-private partnership model.

At an international level, the partnership offers security of supply, combining Codelco's institutional strength as Chile's main state-owned company with SQM's technical, operational and commercial experience in the lithium industry.

Codelco