Chile to Nationalize Lithium Extraction Industry Amid SQM Wipeout.

Chile, the world's second-largest lithium producer, plans to nationalize its lithium extraction industry and will only issue future contracts to public-private partnerships with state control. The move is aimed at protecting the environment and boosting economic growth. Chile produces lithium from brine and hopes to create a state-owned lithium company with the help of its state-owned copper producer, Codelco. While existing contracts with private companies will not be rescinded, the announcement has sent shares in the world's biggest lithium producers tumbling.