Chemical giant BASF SE dropped its plans to invest in lithium mining assets in Chile after a recent downward turn in the mineral's price, it was reported. The German company thus canceled all talks with Canada's Wealth Minerals Ltd., which has exploration projects in the South American country, it was explained. BASF was to take over financing and purchase commitments if Wealth won production contracts in Chile, in addition to the possibility of building a lithium cathode plant for electric vehicle batteries in Chile.
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