At the end of May, Tianqi asked the CMF to determine whether the signed agreement should be voted on by shareholders, after the body had already ruled on the same request by the local mining company in January. The Chinese firm insists that this operation would affect the assets, which would require debate among security holders.

China's Tianqi asked the Chilean financial regulator to reconsider the decision that the agreement between lithium producer SQM and state-owned Codelco does not need shareholder approval, the agency confirmed on Friday.

The Financial Market Commission (CMF) ruled in the middle of the month that the pact to create an association that will operate in the coveted Atacama salt flat until 2060 did not only need to be approved by the board of directors of SQM, where the Chinese firm owns a fifth of the Titles.

"Inversiones TLC (Tianqi) filed an appeal for reconsideration in relation to the CMF's ruling contained in official letter No. 74987 of June 18, 2024. The CMF has a period of 15 administrative business days to rule on the matter," he said. the CMF.

"As it is a process in progress, the aforementioned resource is subject to legal reservation," he added.

The information had been reported hours before by the local newspaper La Tercera.

At the end of May, Tianqi asked the CMF to determine whether the signed agreement should be voted on by shareholders, after the body had already ruled on the same request by the local mining company in January.

Codelco, the world's largest copper producer, and SQM will create a new company with a state majority for exploitation in the coveted Atacama salt flat, amid growing interest in the key metal for electric vehicle batteries.

Tianqi insists that this operation would affect the assets, which would require debate among security holders.