Chile’s botched lithium bidding process definiti

Chile’s botched lithium bidding process definitively terminated
FRIDAY, 23 NOVEMBER 2012 21:11 

The Chilean Special Lithium Commission (CEL) met for the last time Thursday to officially terminate the government’s effort to privatize the extraction of Chile’s extensive lithium reserves. The CEL ended the controversial bidding process that began in April of this year without any plans to extract the world’s second-largest lithium reserves.

“The undersecretary has determined to terminate without further effect Resolution 12, which approved the international bidding process for signing a Special Lithium Operations Contract (CEOL),” the mining ministry told the press. “This puts a definitive end to the lithium bidding process.”

Chile’s Chemical and Mining Society (SQM) won the lucrative contract, but the decision was nullified as the company’s unrelated legal disputes with the government disqualified it from access to government contracts. Beyond legal disqualification, the opposition legally challenged the government’s decision to privatize lithium, saying its status as a strategic mineral legally required it to be extracted by a state company.

http://www.santiagotimes.cl/business/mining/2...terminated

The important thing to note for MMTE investors is that the real prize for MMTE's concessions was the potassium, and not the lithium (this was always the cash cow).   Although lithium was William's stated goal, the mining of lithium was always a long shot, and uncertain at best.   So, why no word about the potassium on these concessions?   That question is best asked of William Lieberman.   Still no word on how long MMTE can hold on to these concessions without productive development either.