BYD and Tsingshan Scrap Chilean Lithium Plant Plans
Chinese automaker BYD and metals group Tsingshan have announced their withdrawal from plans to establish lithium processing plants in Chile. BYD's $290 million lithium cathode plant and Tsingshan's $233.2 million lithium iron phosphate plant were set to launch this year but have now been scrapped.
In a significant development, both Chinese automaker BYD and metals group Tsingshan have decided not to proceed with their proposed lithium processing facilities in Chile, as reported by Diario Financiero.
BYD officially retracted its plans by filing a notice with the national assets ministry, while Tsingshan communicated its decision to the Chilean development agency, Corfo. Tsingshan also confirmed to Reuters regarding the withdrawal, with BYD opting not to provide a comment.
These projects, which involved substantial investments amounting to $290 million and $233.2 million respectively, were initially scheduled to commence operations later this year. The withdrawal signifies a setback for Chile's ambition to capitalize on its lithium reserves.
(With inputs from agencies.)
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