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Codelco and Quiborax have created a joint venture named Minera Ascotán SpA to explore lithium at the Salar de Ascotán in northern Chile. The venture aims to obtain a Special Lithium Operation Contract (CEOL) as part of Chile's National Lithium Strategy.

Quiborax currently holds a 66% stake, while Codelco has 34%. The plan includes bringing in a majority partner post-contract acquisition to reduce capital risks. The consortium applied for the contract in January 2025, with the Mining Ministry expected to present the contract terms to the Comptroller General shortly. Salar de Ascotán is Chile's third-largest salt flat, with significant exploration potential.