Chile’s SQM amends customary transactions policy
Chilean lithium and non-metallic miner SQM has modified its policy on customary transactions with related subsidiaries and affiliates in Chile, Peru, Brazil, North America, Belgium, Italy, Australia, Abu Dhabi and Dubai.
The policy on customary transactions is a mechanism established by the company's board to fast-track operations between related parties, eliminating the need for board approval for frequent transactions.
According to a statement sent by SQM to Chile’s financial market commission (CMF), customary transactions with Soquimich Comercial, Ajay SQM Chile, Ajay North America, Ajay Europe, SQM Vitas Fzco, SQM Vitas Holland, SQM Vitas Brasil Agroindustria, SQM Vitas Peru, Abu Dhabi Fertilizer Industries, Plantacote and Pavoni & C, will include sales, marketing and distribution of the products extracted and processed by SQM, as well as advisory services, back office services, and operations seeking to finance its affiliates subsidiaries for amounts that do not exceed US$5mn in consecutive 12-month periods.
Likewise, customary transactions operations between SQM and Covalent Lithium Pty will include services related to engineering and environmental studies regarding the development and construction of the Mt. Holland project in Australia.
Contracting of telecommunications and technology services with Chilean firms Empresa Nacional de Telecomunicaciones and Entel PCS Telecomunicaciones, as well as financial operations with Banco de Chile, will be also considered customary transactions.
The last changes in SQM's customary transaction policy were made in 2018.
Photo credit: SQM
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