The Lithium Triangle is a masterclass in governance divergence: Chile chose centralized Codelco/SQM state partnerships, Argentina went full free-market RIGI deregulation to attract Western capital, and Bolivia's Salar de Uyuni is still 90% unextracted due to political gridlock. A "Lithium OPEC" was always a fantasy.
Meanwhile Bolivia has spent 18 years "protecting national sovereignty over Uyuni" and currently produces less than 1,000 tons per year while their foreign exchange reserves run completely dry. Ideological purity is expensive.
Australia produces 50% of the world's lithium from hard-rock spodumene in Western Australia without any salt flat drama. Brine evaporation in South America takes 18 months per batch; Aussie mining companies dig it up and ship it in 48 hours.
True, but Australian hard-rock refining cost is $10,000/ton vs $4,000/ton for Atacama brine. When lithium spot prices crash, South American brine producers are the only ones still in profit.
Argentina's RIGI (Incentive Regime for Large Investments) gives 30-year tax stability and zero export tariffs to foreign miners. Milei understands that lithium in the ground during a battery tech transition is worth exactly $0 if solid-state or sodium-ion batteries scale first.