Chilean state-owned Codelco and SQM are forming a new public-private partnership, Nova Andino Litio SpA, to jointly exploit lithium resources in the Atacama salt flat. This alliance, approved by numerous regulators, aims to significantly increase Chile's lithium production, potentially reaching 300,000 tons annually, and restore the country's global leadership in the sector. The venture is part of Chile's National Lithium Strategy to boost output of the key EV component.