2023-04-21 20:58:11
The national market, especially the companies linked to the mining sector, experienced a convulsive day marked by the President’s announcement of the new “National Lithium Strategy”. While from the Chemical and Mining Society they look at the process with caution, from the CPC they affirm that they feel “displaced” by the announcement.
After the announcement of President Gabriel Boric regarding the new “National Lithium Strategy”, the S&P Ipsa suffered its biggest daily decline since September 2022falling a 3.16% to 5,226.93 pointsas reported Financial Diary.
With clear all indicator gains following March 20the 2nd action what suffered more during trading hours was SQM-B, with a loss of 14.69%, remaining at $52,979 per share (its lowest level since March 2, 2022). The first was SQM-Awho lost a 16,09%positioning its price at $43,400 per sharen.
Besides, nitrates (-11,91%), White gold (-11,02%) y North Great (-6,91)>%, companies linked to the Pampa Group (main shareholder of SQM together with Tianqui), also presented big losses throughout the day.
Al closingthe miner scored his worst day since March 16, 2020deleting more than US$3.3 billion capitalizationprocessing $121,510 million of transactions between both series, DF ideals.
National Lithium Strategy alerts the market
“Our challenge is for our country to become the world’s leading lithium producer, thus increasing its wealth and development, distributing it fairly while protecting the biodiversity of the salt flats.”
With this sentence the president began to enumerate the fundamental aspects of the “National Lithium Strategy”: state participation through the “National Lithium Company”, public-private collaboration, protection of ecosystems, involvement of communities and generation of added value.
These ads were the ones shook the stage for investors and the marketas commented by Vector Capital Equity Trader Jorge Tolosato Diario Financiero.
“Today there are more questions than answers and the market is considering an absolutely negative scenario. There are investors who do not agree with what is happening and prefer to get out of paper”.
During the national chain, the The president also highlighted the dynamics that are expected to be applied to the Salar de Atacamawhere it ensures that contracts with private companies in force until 2030 will be respectedbut which will correspond to Codelco seek state participation in the aforementioned salt flat before that date.
SQM hopes to be part of the new process
Al margin of panic in the markets, from Chemical and Mining Society of Chile (SQM)they hope that the strategy “will be a boost to the productive expansion in Chile, so that the country can take advantage of the favorable conditions of world demand for this element.”
Besides, hope to be part of the dialogue to start in this regard, highlighting in turn that the company “participates in the global lithium industry successfully since 1997, maintaining leadership and developing high-standard lithium chemicals, which have positioned Chile in the most demanding of the world”.
CPC accuses few incentives for private sector investment
From the Confederation of Production and Commerce (CPC),
Besides, from the union they accuse that there would be no incentives for private investment in lithium.
“One says ‘if only the State requires the capital of the private and the private are not going to have access to control’, then how is it invested?, how is that capital spent?, because it will not have a majority on the boards , having less than 50% of the participation. It is a contradiction, ”he pointed out, adding that“ the train is going to pass us by in the exploitation of the mineral ”.
Government calls for unity and summons citizen participation
He President Boricin middle of reviews received from some sectors of the business communityreported that carry out a participatory process in between workers, employers, unions, unions, communities, indigenous peoples and the scientific world.
In addition, he recalled his participation in Enade, “where the companies, through the speeches of the president of ICARE and the president of the CPC, asked the political world for unity to make Chile move forward.”
The head of state assured that pick up the callat the same time that They ask for unity to carry out these relevant projectsappealing at the same time that the country needs a “fairer distribution of wealth to have better social cohesion (…) I have no doubt that the great tasks of the country, in particular a new development model, require that we work together ”.
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