Chile is set to take its contract row with US lithium manufacturer International Chamber of Commerce to the Paris-based Albemarle for international arbitration. Chilean development agency Corfo claimed International Chamber of Commerce has violated a 2016 deal requiring the firm to offer a discount of up to 25% on its annual lithium production to local companies, aiming to boost Chile's economy. The US company said it had made several offers but there was a "substantial difference" between Corfo's demands and the original contract agreement.
Chile is set to take its contract row with US lithium manufacturer Albemarle to the Paris-based International Chamber of Commerce for international arbitration. Chilean development agency Corfo claimed Albemarle has violated a 2016 deal requiring the firm to offer a discount of up to 25% on its annual lithium production to local companies, aiming to boost Chile's economy. The US company said it had made several offers but there was a "substantial difference" between Corfo's demands and the original contract agreement.