Chilean lithium products are set to benefit from tax exemptions in the United States, thanks to a new inter-governmental agreement. This development has sparked optimism for increased investment in South America's metal and energy transition supply chains.
Lithium products will be included in the provisions of the US Inflation Reduction Act (IRA), according to Chile's economy ministry. This inclusion will enable Chile to export primary lithium materials to the US, along with cathode materials and higher-value lithium by-products.
The US IRA, enacted in 2022, provides tax breaks and other incentives aimed at boosting battery and energy transition supply chains across North America.
Chile, home to the world's largest lithium reserves, is the second-largest producer of lithium, following Australia. In 2023, Chile's lithium production reached 225,000 tons of lithium carbonate equivalent.
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