Chile files CEOL decree for Laguna Verde lithium project (CleanTech Lithium consortium, 153 km², 40-year term)

Mechanism

The Laguna Verde CEOL is the third operational instrument under Chile's April 2023 National Lithium Strategy, after (1) the NovaAndino Litio Codelco–SQM JV covering the Salar de Atacama (closed December 2025) and (2) the Codelco–Rio Tinto Salar de Maricunga CEOL definitivo (signed February 2026). Laguna Verde is notable as the first CEOL in this cycle issued to a private-sector consortium without a Codelco majority stake, representing a different tier of the strategy: the Kast government (which took office March 2026) inherited the framework and proceeded with the decree submission to signal continuity on lithium contractualisation.

Structural features confirmed by the March 2026 announcement:

1. Location and size. Laguna Verde is a salt flat in the Atacama Region, distinct from Salar de Atacama (NovaAndino) and Salar de Maricunga (Codelco/Rio Tinto). The CEOL covers 153 km² across all phases. 2. Operator. A consortium led by CleanTech Lithium plc (LSE: CTL.L), a UK-listed lithium developer with a JORC-compliant inferred + indicated resource of 1.9 Mt LCE at Laguna Verde. CTL has pursued Direct Lithium Extraction (DLE) technology for brine processing, aiming to reduce water consumption relative to conventional evaporation-pond methods. 3. Term. 40 years, covering exploration, evaluation, construction, production and closure phases — identical in duration to the Maricunga instrument. 4. Production target. ~20,000 t LCE/year at plateau. This is modest compared to Atacama (~300 kt/year SQM+Albemarle) and below Maricunga's projected 15–55 kt LCE/year ramp; it places Laguna Verde in the mid-tier greenfield cohort. 5. Contraloría process. A Chilean supreme decree must pass through the Contraloría General's toma de razón — a legality review — before it becomes enforceable. The Ministry filed on 10 March 2026; as of the filing date of this IPTM entry (June 2026) toma de razón had not been publicly confirmed. The Contraloría's online registry (contraloria.cl) is the definitive check. 6. 10-decree pipeline. With Laguna Verde, the Ministry reported a total of 10 CEOL decrees in review at the Contraloría simultaneously, covering salar projects across Arica y Parinacota, Tarapacá, Antofagasta and Atacama regions. The bulk-decree approach signals Chile intends to contractualise multiple private-sector operators at once, potentially reshaping the junior-miner landscape across the northern salar belt.

Why severity 2

Severity is set at 2 rather than the 4 assigned to the Maricunga and Atacama CEOL instruments, for the following reasons:

• Private consortium, no state majority. The National Lithium

Strategy's headline feature — Codelco retaining majority control — does not apply to Laguna Verde. This is a conventional CEOL to a private developer under the pre-2023 legal framework adapted to the new contract form, with no sovereign equity stake embedded.

• Smaller resource. 1.9 Mt LCE JORC resource and 20,000 t/year

target is sub-threshold relative to Atacama and Maricunga. At current lithium prices, plateau production revenue would be ~US$200–300m/year — material to CTL.L as a small-cap, not material to the global supply curve.

• Decree in review, not yet enforceable. The toma de razón is

pending; the CEOL is not legally binding as of the filing date.

• Severity 2 not 1 because the 10-decree pipeline for Chile's

northern salars, if all proceed, aggregates to a structurally significant wave of lithium contractualisation that will increase Chile's private-sector output alongside the state-led vehicles.

Downstream implications

• CleanTech Lithium (CTL.L): The CEOL is a de-risking milestone

on the project development timeline. Institutional investor perception of Chilean lithium-project risk has historically been discounted by the absence of long-duration contracts; a 40-year CEOL with the state removes that overhang and enables project financing conversations.

• DLE technology signal. If CTL.L deploys DLE at commercial

scale at Laguna Verde, it would be among the first large-scale deployments in Chile's salar belt. Positive data points would accelerate DLE adoption at Maricunga and other greenfield sites, potentially disrupting the economics of conventional brine operations.

• Junior lithium developers (Argentina, Australia). The 10-

decree pipeline at Contraloría suggests Chile is running a structured competitive process for its lesser-known salars. Developers holding exploration positions in Chilean salars outside Atacama may be in queue for CEOL negotiations; those without Chilean assets may face relative disadvantage as the CEOL framework matures.

• LIT, REMX: Incremental positive — additional long-run supply

from Chile, managed under the state contractual framework rather than ad hoc; maintains Chile's position relative to Argentina's RIGI liberalisation model.

Open questions

• Has the Contraloría issued toma de razón for this decree? Check

contraloria.cl registry for decree number and ratification date.

• What is the exact composition of the CleanTech Lithium-led

consortium (co-investors, Chilean state minority participation if any)?

• Which DLE technology vendor has CTL.L selected, and does the

CEOL embed water-use or environmental performance commitments that differ from the Atacama standard?

• Do the other 9 decrees in the Contraloría pipeline involve

similarly small private operators, or do any include Codelco/ENL majority stakes at additional salars?

• Does the Empresa Nacional del Litio (ENL) legislation — if passed —

retroactively affect private-consortium CEOLs like Laguna Verde?