BASF Abandons Plans to Invest in Lithium-Mining Assets in Chile, Bloomberg Reports
--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
July 02, 2024 14:34 ET (18:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks