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Codelco for a lithium project at the Maricunga salt flat by the end of June, as part of Chile’s push for greater state control over critical minerals.

The state-owned copper giant is finalizing its choice after receiving dozens of proposals, according to chairman Máximo Pacheco.

Speaking at a sector conference, Pacheco confirmed that binding offers have been received and a shortlist of candidates is in place. The chosen company will join Codelco to develop a lithium project, located in the Maricunga salt flat — Chile’s second largest by lithium reserves.

The joint venture agreement will be formalized over the second half of the year. “This will involve negotiating contract terms, addressing specific conditions, and securing regulatory approvals both in Chile and internationally, if needed,” Pacheco said.

Codelco has anticipated it aims to begin construction on the project, dubbed “Paloma” (Spanish for “dove”), in early 2027, with first production targeted for 2030.

The initiative forms part of President Gabriel Boric’s strategy to tighten state control over Chile’s lithium industry while encouraging foreign investment. Under current policy, any projects in strategic salt flats such as Atacama or Maricunga must involve a majority stake held by Codelco or state miner Enami.

Codelco entered the lithium sector in early 2024 by acquiring Lithium Power International, which handed it control of the Maricunga project, located on the namesake salt flat. This deal marked its first lithium asset in the home country and expanded its portfolio into battery metals, which are a growing focus for most global miners.

Chile, the world’s second-largest lithium producer after Australia, has opened more than 20 salt flats to private investment, with the ambitious goal of increasing local production of the battery metal by 70% in a decade.