A joint venture seeking a 3 billion US dollar lithium project in Chile has been approved.

A joint venture operated by Chilean chemical and mining company has submitted an environmental approval application to invest $3 billion in expanding lithium production in northern Chile, while introducing new extraction technology. According to documents published on Friday on the regulatory agency's website, Novandino, a joint venture formed by SQM and Chile's National Copper Corporation, submitted an environmental impact assessment report. The report proposes to extend the operating period of the Atacama salt flat mining area from 2030 to 2060.