Mining: Antofagasta
Key Facts
—Payments. Corfo received US$791 million in lithium-related payments in the first half of 2026, up 427% from US$150 million a year earlier.
—SQM’s share. Novandino Litio, the SQM–Codelco joint venture, paid US$670 million, about 85% of all lithium contributions to Corfo, up from US$93 million.
—Driver. Lithium averaged US$18,733 per tonne over the half, more than double (+114%) the year-earlier level, per Chile’s Central Bank.
—Volumes. Novandino sold 152,000 tonnes of lithium carbonate equivalent in the half, up from 111,000 tonnes a year earlier.
—Outlook. Chile’s budget office (Dipres) projects full-year Corfo lithium income of US$1,231 million, a 234% real rise over 2025.
Lithium payments to Corfo jumped 427% to US$791 million in the first half of 2026, as record prices and rising volumes from SQM’s Atacama operation swelled contributions to the Chilean state.
A 427% Jump in Chile’s Lithium Windfall
Chile’s economic development agency, Corfo, collected US$791 million in lithium-related payments during the first half of 2026, a 427% increase from the US$150 million it received in the same period a year earlier, according to figures reported by La Tercera. The surge reflects both stronger prices and higher shipments from the Salar de Atacama.
The bulk of that money came from Novandino Litio, the joint venture between SQM and state copper miner Codelco, which paid US$670 million, or about 85% of all lithium contributions to Corfo. US-based Albemarle, the salt flat’s other operator, paid US$121 million, up 116% from US$56 million a year earlier.
The payments matter well beyond the companies’ balance sheets. Corfo holds the mineral rights to the richest section of the Atacama salt flat and leases them to producers, so a jump in lithium revenue flows directly into Chile’s public accounts.
How SQM’s Payments to Corfo Work
SQM does not own the lithium it mines in the Atacama. It operates under a lease from Corfo covering roughly 82,000 of the salt flat’s 140,000 hectares, and pays the agency a quarterly fee tied to the value of what it extracts.
Crucially, that fee is progressive: the percentage owed rises as the sale price per tonne climbs. When prices spike, Corfo’s take grows faster than volumes alone would imply, which is why a doubling in price translated into a more-than-quadrupling of payments.
SQM’s original contract runs to December 2030. To keep producing beyond that date, the company struck a partnership with Codelco that created Novandino Litio and extends operations at the salt flat through 2060, giving the state a direct stake in the business.
Live Company IntelligenceSociedad Quimica y Minera de Chile SA ADR B — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$39.7952-wk high
$96.09
Revenue trend · 6y
Ownership
Dividend
Prices, Volumes and the Battery-Demand Story
Lithium prices averaged US$18,733 per tonne over the half, more than double the year-earlier level, a 114% increase, based on Chilean Central Bank data. The recovery followed a deep slump in 2024 and 2025, when prices had fallen below US$9,000 per tonne.
The rebound reflects a tighter market: constrained supply meeting firm demand from electric-vehicle makers, grid-scale storage batteries and renewable-energy projects. Those same forces underpin Chile’s long-term bet on lithium.
Volumes rose too. Novandino sold 152,000 tonnes of lithium carbonate equivalent in the half, up from 111,000 tonnes a year earlier, an increase of 41,000 tonnes that tracks the operation’s gradual production ramp. Albemarle’s sales held roughly flat at 28,000 tonnes.
Novandino, Salar Futuro and the Road to 2060
To sustain and expand output, Novandino is seeking an environmental permit for a roughly US$3 billion project called Salar Futuro, which would phase out the use of continental fresh water by the fifth year of operation and, at its highest projection, produce up to 470,000 tonnes of lithium carbonate equivalent.
Albemarle is pursuing a parallel roughly US$3.1 billion permit to add direct lithium extraction (DLE) technology to its operation, a method that promises higher recovery and a smaller water footprint.
Both projects underline a shift in how Chile intends to mine the Atacama: larger volumes, longer horizons and tighter environmental conditions, all under contracts that channel a growing share of the proceeds to the state.
What It Means for Chile’s Public Finances
Chile’s budget office, Dipres, projects that Corfo’s lithium income will reach US$1,231 million for the full year, a real increase of 234% over the US$336 million collected in 2025. The agency attributed the jump to higher expected prices for the mineral.
For a government managing tight fiscal accounts, a lithium windfall of that scale is significant, easing pressure on other revenue lines even as officials debate how durable high prices will prove.
The numbers also sharpen a broader policy question. As Chile builds a state-anchored lithium model around Codelco and SQM, the first-half figures show how quickly public revenue can swing with commodity cycles, for better or worse.
Background: our pix boletos and how payments actually work in brazil a guide for expats guide.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
How much did lithium producers pay Corfo in the first half of 2026?
Corfo received US$791 million in lithium-related payments, up 427% from US$150 million a year earlier. Novandino Litio, the SQM–Codelco venture, accounted for US$670 million of that total.
Why did the payments to Corfo rise so sharply?
Lithium prices averaged US$18,733 per tonne, more than double the year-earlier level, and SQM’s lease fee is progressive, rising as prices climb. Higher sales volumes added to the increase.
How much lithium revenue does Chile expect for the full year?
Chile’s budget office projects Corfo lithium income of US$1,231 million in 2026, a 234% real increase over 2025.
Sources
Sources: La Tercera; SQM Q1 2026 earnings.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
In depth
Read More from The Rio Times