China's Tianqi Lithium Corp, a major shareholder in Chilean mining company SQM, is facing complications due to the Chilean government's decision to gain more control over its lithium reserves through a partnership with SQM and state copper miner Codelco. Tianqi has been demanding transparency and shareholder voting power in the deal, expressing concerns over potentially diluted profits. The partnership aims to boost lithium production and increase state control over vital lithium assets in line with President Gabriel Boric's strategy. Tianqi's financial performance has also suffered, with a net loss in the first quarter of 2024. SQM's board has rejected Tianqi's requests for transparency and voting, and the situation remains unresolved.
In other news, Pan Asia Metals Limited (ASX: PAM) has been granted additional exploration concessions for its Tama Atacama Lithium Project in Chile. The new concessions increase the total area of granted concessions to approximately 1,234km2 or 123,400Ha. The majority of the granted concessions fall within PAM's holdings under Option Agreements 1 and 2. This is the fifth series of concession grants, with a total of ~303km2 or 30,300Ha being granted. Additionally, ~13km2 or 1,300Ha of concessions have been granted at the southern part of the Ramatidas Lithium Prospect and the PowerLine Lithium Prospect. The total area under MOU with granted exploration concessions is ~263km2 or 26,300Ha. The recently granted exploration concessions will expire in 2027 and 2028. The grant of exploration concessions in Chile is a judicial process, providing a high degree of confidence in the procedure for their grant. [aaa60b63] [18b08ef0] [b6708759] [f43eafa9] [6a2bf2a9]