Chile, home to the world’s largest lithium reserves, says Japanese battery and metals companies are among Asian investors interested in acquiring long-term preferential access to the ingredient, in exchange for adding value to the raw material and transferring skills.

A heavyweight in the mining world, Chile wants to woo companies that can help it develop processing and manufacturing capabilities. In April, it granted Chinese EV maker BYD Co. access to preferential prices for lithium carbonate produced by SQM, the world’s second-largest lithium producer, for use in a cathode factory to be built in the country’s north.

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Lithium Heavyweight Chile Woos Japan to Develop Local Industry