BASF cancels plans for lithium mining assets in Chile – Bloomberg (OTCQX:BASFY)

BASF (OTCQX:BASFY) has abandoned plans to invest in lithium mining assets in Chile, as a slowdown in electric vehicle adoption worldwide drags down battery metal prices, Bloomberg reported Tuesday.

BASF (OTCQX:BASFY) pulled out of initial talks with Wealth Minerals Ltd. (OTCQB:WMLLF), which owns exploration projects in Chile, according to the report, which cited an email from the German company.

“No collaboration between BASF and Wealth Materials materialized in the end,” BASF (OTCQX:BASFY) told Bloomberg, without providing a reason for ending the talks.

BASF’s (OTCQX:BASFY) withdrawal follows last week’s announcement that the company scrapped plans for a $2.6B nickel-cobalt refinery in Indonesia.