According to documents from financial advisor Rothschild, the search for candidates to partner with the Chilean state company in this new and key venture, valued at US$ 1.2 billion, has already begun.

Financial advisor Rothschild has formally started to look for candidates to partner with Chilean state-owned Codelco on a key new lithium project in the Maricunga salt flat, which is scheduled to begin production by 2030, according to documents seen on Thursday by Reuters .

The four-page June "Project Paloma" document and accompanying memorandum lay out new details of the world's largest copper producer's plans for the project.

"Codelco is looking for a partner to add value to the project and although Codelco is required to retain majority control of the partnership, it is open to consider the appropriate partner as operator," Rothschild said in the investor invitation.

The project in Maricunga represents an important new challenge, since Codelco assumes lithium production practically from scratch.

The mining company was appointed by the government to lead greater state control in the lithium industry, a key metal for the manufacture of electric vehicle batteries.

Codelco estimates to begin construction at the beginning of 2027 and have first production at the beginning of 2030, with an investment of US$ 1.2 billion.

In a first phase, the production of 20,000 metric tons of LCE (lithium carbonate equivalent) per year is planned through evaporation ponds, followed by a second phase of 30,000 metric tons of LCE per year through direct extraction technology.

The documents show that Codelco intends to initially use the evaporation method, which contrasts with President Gabriel Boric's announcement last year that he would require the use of novel direct extraction technologies.

The useful life of the first phase will be 30 years, while the second - whose first production is estimated for 2033 - will be 27 years. For the second phase, the investment would amount to $1.1 billion dollars.

The feasibility study is projected for the fourth quarter of 2025.

Furthermore, the prospectus estimates an original direct production cost of $4,696 per ton of LCE and $4,143 for the direct extraction phase.

Rothschild hopes to open a virtual data room at the end of June for those who sign a confidentiality agreement, which will contain the information to evaluate the project, including a financial model, he said in his invitation.