Albemarle Corp, the world's largest lithium producer, said on Monday it regretted Chile's decision to initiate international arbitration over the alleged underpayment by the U.S. company of royalties on its sales.
By Reuters Staff
2 Min Read
SANTIAGO, Feb 21 (Reuters) - Chile has launched an arbitration process against U.S.-based miner Albemarle, the world’s largest lithium producer, for allegedly underpaying royalties on its sales, the head of the state development office told a local newspaper on Sunday.
Pablo Terrazas, head of Corfo which handles the lithium contracts, told daily El Mercurio that the office had filed the request on Friday with the International Chamber of Commerce, demanding around $15 million extra in payments for 2020.
Albemarle has major lithium projects in Chile’s huge Atacama salt flats, which hold one of the world’s largest deposits of lithium, an ultra-light metal needed for batteries powering the shift towards electric vehicles.