BASF Pulls Plug on Chile Investment Plans Amid EV Slowdown

-- German chemicals maker BASF SE has abandoned plans to invest in lithium mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery metal prices.BASF withdrew from initial talks with Wealth Minerals Ltd., the Vancouver-based firm that has exploration projects in Chile, the German company said in an email to Bloomberg late Tuesday.A potential arrangement had included possible funding and offtake if Wealth obtained production contracts in Chile.

The withdrawal follows BASF’s announcement last week that it scrapped a joint plan with Eramet SA for a $2.6 billion nickel-cobalt refinery in Indonesia. Slowing EV sales growth has pushed down prices of key inputs, with lithium at three-year lows after surging to a record in late 2022. BASF now plans to bolster raw-materials supply for European operations via a new battery recycling plant in Germany, due to start operations later this year.

Wealth Chief Executive Officer Henk van Alphen declined to comment on BASF’s exit. He said implementation of the government’s lithium strategy has been slow though progress is being made. Authorities next week are scheduled to announce details of firms interested in new contracts in nonstrategic salt flats.Ballmer Is Richer Than Gates, a First for Microsoft Billionaires

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

BASF Pulls Plug on Potential Chile Investments Amid Lithium RoutGerman chemicals giant BASF SE has abandoned plans to invest in lithium mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery metal prices.
Fonte: BNNBloomberg - 🏆 83. / 50 Leggi di più »

BASF to Exit $2.6 Billion Nickel Smelter Project in IndonesiaBASF SE plans to discontinue a project with Eramet SA to spend as much as $2.6 billion building a nickel-cobalt refinery in Indonesia, reversing an earmarked investment in the Southeast Asian nation that was aimed at feeding demand for electric vehicles.
Fonte: BNNBloomberg - 🏆 83. / 50 Leggi di più »

Contemporary Calgary Kicks Off Summer with Ghosts of Canoe Lake: New Work by Marcel DzamaThe art exhibition pulls inspiration from Canadian art history with a focus on climate change.
Fonte: AvenueMagazine - 🏆 40. / 63 Leggi di più »