Corrects that a congressional commission has approved the deal, sending it to the congress.
In a surprise decision, a Bolivian congressional commission approved a lithium mining concession deal with Russian state-owned conglomerate Uranium One Group, the first forward step for the deal following a tumultuous, almost year-long legal battle.
The decision, made on Tuesday, followed a vote by secret ballot — which is unusual in congress — because of several disruptions and delays on previous related court hearings, including one earlier on the day of the decision. The concession passed on an 8-3 vote with four abstentions, and it now moves to a vote by the full congress.
This is the first positive sign for the concession since it was announced in September 2024. Over the course of 11 months, a decision was delayed four times, the contract was frozen — and later unfrozen — opposed by local communities and by presidential hopefuls, all while the current administration pushed for the approval as Russia threatened to void it if it was not expedited.
Uranium One Group, a subsidiary of Russian state-owned atomic energy company Rosatom, signed a public-private partnership with Bolivia's state owned lithium firm Yacimientos de Litio Bolivianos (YLB) to build and operate a 14,000 metric tonne (t)/yr lithium carbonate (Li2CO3), direct lithium extraction (DLE) plant in the Uyuni salt flats, home of the largest lithium reserves in the world. The Russian company will spend $970mn on the project, according to YLB, which will hold a 51pc stake.
This is one of two concession agreements YLB made with foreign companies. The 35,000t/yr Li2CO3 deal with China's CBC, a CATL subsidiary, is still awaiting any kind of progress on a decision.
The timeline for a final verdict on either concession is still uncertain because Bolivia's presidential election is scheduled for 17 August and its lithium future hinges on the vote.
