Chilean President Gabriel Boric on Thursday announced his government's plan for a national lithium policy he said would be based on an alliance with the private sector. Chile has the third largest lithium reserves in the world with 9.6 million tons; behind only Argentina, with 19.3 million and Bolivia, with 21 million tons, according to the United States Geological Survey. Last year Chile was the second biggest world producer with an estimated 39,000 metric tons, after Australia, with 61,000 tons. So far the private sector is the only sector in Chile that exploits the mineral, which has a high international demand and is used in the production of items such as electrical batteries. Boric said the Chilean State will participate in the entire lithium production cycle by virtue of a public-private collaboration, in which "the State will have control.” He said any organisation that wanted to take part in the production cycle would need to partner with the state. "Our challenge is for our country to become the main lithium producer in the world,” Boric said as he outlined the plans. Boric also indicated a proposal to create a National Lithium Company would require approval by an absolute majority of the deputies and senators in Congress. The bill is expected to be sent to the legislature this year.