Following Chile's Comptroller General's approval earlier this month, Codelco and SQM on December 27, 2025, finalized their public-private partnership by creating Nova Andino Litio SpA through the merger of subsidiaries Minera Tarar SpA and SQM Salar SpA. The new entity, with majority state ownership, will handle lithium exploration, exploitation, production, and sales in the Salar de Atacama until 2060. The board, comprising three representatives from each company, convenes for its first session on December 29.
The formation of Nova Andino Litio marks the completion of the Codelco-SQM lithium partnership, previously approved by the Comptroller General (Contraloría) subject to conditions now met. Announced via a Hecho Esencial to the Comisión para el Mercado Financiero (CMF), the merger consolidates all mining concessions, subsidiaries, international offices (Belgium, China, South Korea, US, Japan), and SQM's technical expertise from recent reorganizations.
Originally signed May 31, 2024, and cleared by over 20 Chilean and foreign institutions—including indigenous consultations by Corfo—SQM also transferred Salar de Maricunga concessions to a Codelco subsidiary. A positive financial impact on Codelco is expected by December 31, 2025.
The board, appointed unanimously for two years, includes Codelco's Máximo Pacheco Matte (president), Josefina Montenegro Aravena, and Alfredo Moreno Charme; and SQM's Ricardo Ramos Rodríguez (vice president), Hernán Uribe Gabler, and Manuel Ovalle Edwards.
Codelco board president Máximo Pacheco stated: “Codelco da hoy un paso estratégico para participar activamente en la producción del litio, un recurso clave para la transición energética y digital de escala global. Esta asociación con SQM nos llena de orgullo y refleja una nueva forma de colaboración público-privada, transparente, profesional y de largo plazo”.
SQM general manager Ricardo Ramos added: “Esta sociedad conjunta permite proyectar el desarrollo del Salar de Atacama y continuar avanzando con estándares de excelencia operativa, sostenibilidad y creación de valor compartido, combinando capacidades complementarias en beneficio de Chile y de los mercados globales”.
Described as one of Chile's largest deals, the partnership secures Corfo properties for SQM Salar until 2030 and the joint venture from 2031 to 2060.
