Chile Has 3 Lithium Deals at Audit Office

CHILE · LITHIUM

Three of Chile’s planned lithium contracts are back at the audit office. Officials have given no date for approval.

Chile’s mining ministry has three lithium contracts waiting at the national audit office, with no approval reported yet. They cover the Ollagüe, Ascotán and Laguna Verde salt flats in northern Chile.

The Chile lithium contracts matter to US readers because electric-vehicle batteries depend on lithium, and Chile is one of the biggest producers. Minister Daniel Mas told a mining seminar in London that the government is advancing private-sector contracts, CNN Chile reported.

What the Three Pending Contracts Cover

The Ollagüe contract would let Kuska Minerals develop a lithium project in the Antofagasta region. Canada’s Wealth Minerals owns 95% of Kuska and the Quechua Indigenous Community of Ollagüe owns 5%, Redimin reported on Monday, 21 September.

Redimin says the ministry re-filed the Ollagüe decree the week before, after adjusting the file. A 2024 preliminary assessment puts construction at US$749 million, plus about US$44 million for exploration and permits.

The company’s estimates point to about 20,000 tonnes a year of lithium carbonate equivalent over 20 years. It expects construction in 2029 and output in 2030 or 2031, and Redimin notes that registration does not allow building at once.

Redimin reported on Wednesday, 16 September that the ministry also re-filed the Laguna Verde and Ascotán contracts after changing the papers. Laguna Verde is tied to CleanTech Lithium, a lithium developer.

Ascotán is tied to state copper miner Codelco and Quiborax, a Chilean firm that processes the boron mineral ulexite. The report gave no date for the review’s end or for operations starting, and both decrees are with the Contraloría.

Why These Contracts Went Back to Audit

The Contraloría, Chile’s Comptroller General, must register each decree before it takes effect. In January 2026 it refused to register two other private contracts, for Quillagua Norte and Quillagua Este, Emol reported on 25 February.

The Contraloría said only the President can set the requirements, by supreme decree, and not the ministry. Lawyers cited by Emol expected other private contracts to meet the same outcome.

Mas said in August that the government was working to answer Contraloría observations on contracts still in process, Reporte Minero reported. Redimin links the September re-filings to changes the ministry made to the files.

What Is Already Signed or Cleared

In early February 2026 the Contraloría approved the Salares Altoandinos contract, Portal Minero reported on 9 February. It was the first under the National Lithium Strategy to clear review, and it runs to 31 December 2060.

State miner Enami holds 49% and Rio Tinto 51%, with an initial investment of about US$3 billion, Radio Universidad de Chile reported. The project uses a water-saving extraction method in the Atacama region.

On Thursday, 12 February Codelco said it signed an amended Maricunga contract, and Rio Tinto has committed up to US$900 million. Chile’s antitrust agency approved the Codelco and Rio Tinto partnership without conditions, Reporte Minero reported on 11 August.

Reporte Minero reported on Tuesday, 25 August the government’s first signed all-private contract, with Quiborax, for an Arica y Parinacota plant. The US$70 million project aims at up to 20,000 tonnes of lithium carbonate equivalent from old ulexite waste.

The contract runs until that quota is reached or 31 December 2046. Quiborax has five years to define reserves, win environmental permits and build.

In the Salar de Atacama, Codelco and SQM formed Nova Andino Litio, announced on 27 December 2025. It is due to run lithium there until 2060, Codelco said.

What the Government Wants Next

Mas wants five contracts approved in 2026, and three are at the Contraloría, Minería y Futuro reported on 13 October. Two more are still in preparation.

The government also plans a law change this year to end the nuclear energy commission’s role in lithium permits. Chile has also floated tenders for about five further projects, covered in an earlier Rio Times report on the planned tenders.

Registration is only one step, because studies, environmental review, permits, financing and construction still follow. The sources found give no timetable for those steps.

What It Means for US Readers

SQM and the US firm Albemarle are established producers in the Salar de Atacama, so a new private contract could add competition. Company estimates point to Ollagüe output only around 2030 or 2031, so no near-term supply change is implied.

Rio Tinto, a global miner, is a partner in both Maricunga and Salares Altoandinos, two large Chilean lithium projects. Related reading includes the Quiborax lithium-from-waste contract and the Lithium Triangle guide.

See also the Chile mining pipeline pitched in London and Chile natural resources explained. The Chile news hub carries the latest national news.

What Is Not Known

No source found shows the Contraloría has registered the Ollagüe, Ascotán or Laguna Verde decrees, or gives a review date. It is also not confirmed whether the Maricunga amendment and the Quiborax contract have passed the audit office.

The government has not named the two further contracts that complete its five. Chilean business press speaks of 12 contracts in the national strategy, and this article tracks only those that sources confirm.

The Ollagüe cost, output and timing figures are company estimates from a 2024 preliminary assessment, as reported by Redimin. They may change after studies and environmental review.

What Comes Next

The next step is a Contraloría decision on each decree, and no date has been announced. Minería y Futuro reports Mas aims for five approvals in 2026, which leaves about ten weeks of the year.

Approval would not mean production, since the projects still need permits, financing and construction. It also would not settle how future tenders will be run.

Frequently Asked Questions

What is a CEOL in Chile?

It is a Special Lithium Operation Contract, the form the state uses to let a company explore and produce lithium. Chile treats lithium as a strategic mineral, so it cannot be held under an ordinary mining concession.

Which lithium contracts are waiting for approval?

The Ollagüe, Ascotán and Laguna Verde contracts were re-filed with the audit office in September. No approval date has been given.

Who is Daniel Mas?

He is President José Antonio Kast’s bi-minister of Economy and Mining, holding both portfolios at once. He leads the government’s push for private lithium contracts.

Does approval mean lithium will flow soon?

No, because studies, permits and construction come first. Company estimates for Ollagüe point to output around 2030 or 2031.

Why does this matter outside Chile?

Lithium is a key battery metal, and Chile is one of the largest producers. New projects could change future supply for electric-vehicle makers and investors in companies such as SQM and Albemarle.

Sources: Redimin, 21 September; Redimin, 16 September; Minería y Futuro, 13 October; Reporte Minero, 25 August; Reporte Minero, 11 August; Codelco, 12 February; Codelco, 27 December 2025; Emol, 25 February; Portal Minero, 9 February; Radio Universidad de Chile, 7 February; CNN Chile, October 2026 (all accessed 23 October 2026).