--German chemicals giant BASF has abandoned plans to invest in lithium-mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery-metal prices, Bloomberg reports.
--BASF withdrew from initial talks with Wealth Minerals, the Vancouver-based firm that has exploration projects in Chile, according to the report which cites an email from the German company.
--"No collaboration between BASF and Wealth Materials materialized in the end," BASF said, according to Bloomberg. The company didn't give a reason for ending the talks or mention the proposed cathode plant, it added.
--The withdrawal follows BASF's announcement last week that it scrapped plans for a $2.6 billion nickel-cobalt refinery in Indonesia, according to the report.
Full article at https://www.bloomberg.com/news/articles/2024-07-02/basf-pulls-plug-on-potential-chile-investments-amid-lithium-rout?srnd=homepage-americas
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
07-02-24 1434ET