French mining company Eramet has turned to Philippi Prietocarrizosa Ferrero DU & Uría (Chile) to make its first foray into Chile’s lithium market by acquiring the mining rights for seven salt deposits in a deal worth US$95 million.
Bofill Mir Abogados advised Familia Vecchiola and Talison Lithium as controlling companies of the target, Salares de Atacama Sociedad Contractual Minera (SCM).
Chile’s NDI Abogados advised San Antonio, which owns a 50% stake in SCM and is controlled by Familia Vecchiola, alongside two other shareholders.
The transaction closed on 16 November, following a private bidding process led by local financial advisor Asset Chile.
In the deal, SCM handed Eramet its Siete Salares lithium mining project, comprising more than 400 mining concessions in seven salt deposits across Chile’s Antofagasta and Atacama regions.
The newly integrated portfolio – covering a total of 40,000 hectares – includes the La Isla, Agua Amarga, Parinas, Salar Grande, Aguilar, Piedra Parada and Maricunga salt flats.
As part of the transaction, Eramet also pledged to transfer another US$10 million to SCM depending on the success of the Siete Salares project.
La Isla is one of the most notable assets in the deal. Covering 16,500 hectares and located near the city of Diego de Almagro in the Atacama region, the salt flat boasts a lithium production capacity of some 1,150 milligrams per litre. This is particularly impressive when compared to the production capacities of two of Chile’s largest salt deposits – Atacama and Maricunga – which sit at 2,000 milligrams per litre and 1,050 milligrams per litre, respectively.
The deal forms part of Eramet’s long-standing goal of entering the international lithium market, particularly by tapping into investments in Latin America’s Lithium Triangle, comprising Argentina, Bolivia and Chile. Eramet’s purchase follows an increasing trend in investments in Chile’s booming lithium sector. Only two months ago, Chilean copper giant Codelco established its footing in the market by purchasing Australia’s Lithium Power for US$244 million.
Interest has also been piqued in the Argentine portion of the Lithium Triangle this year. In July, global lithium miner Allkem secured US$180 million in sustainability-linked and green financing from the IFC to develop the Sal de Vida lithium project in the province of Catamarca.
Established in 1880, Paris-based miner Eramet produces manganese, nickel, mineral sands and, with its newest acquisition, lithium. Alongside its fresh set of Latin American mining assets in Chile, the company also owns the Eramine mining site in Argentina.
Counsel to Eramet
Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Partner Juan Paulo Bambach and associate Felipe Ossa
Counsel Familia Vecchiola and Talison Lithium
Bofill Mir Abogados
Partners Pablo Mir and Alina Bendersky, and associate Alonso Calderón
Counsel to San Antonio
NDI Abogados
Associate Karen Urrestarazu
