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25 Feb 2021


Chile: Government files arbitration suit against lithium company Albemarle over royalties related to fiscal elusion

See all tags Allegations

Amanda Romero

“Albemarle says it regrets Chile's call for arbitration over lithium royalties” – February 22, 2021

Albemarle Corp, the world’s largest lithium producer, said on Monday it regretted Chile’s decision to initiate international arbitration over the alleged underpayment by the U.S. company of royalties on its sales…State development agency Corfo filed before the International Chamber of Commerce (ICC) on Friday, claiming that around $15 million of $60 million in royalties were outstanding for 2020…Albemarle said CORFO could have used existing mechanisms in the contract to resolve the dispute…“We regret that CORFO has insisted on this arbitration process, which will imply time and costs for the country, even though there is a clause in the same contract for the solution of these issues,” the firm said in a statement sent to Reuters.