Leftist Chilean President Gabriel Boric on Thursday announced plans to slowly nationalize the country’s lithium industry, aiming to take advantage of massive reserves of the metal, key to electric vehicle batteries and other technology, while protecting the environment.

“Today we present a national lithium strategy that’s technically solid and ambitious,” Boric declared during a televised address, outlining his plan — which needs congressional approval — to create “a Chile that distributes wealth we all generate in a more just way.”

“This is the best chance we have at transitioning to a sustainable and developed economy,” he argued. “We can’t afford to waste it.”

However, all future contracts for the metal will involve government-controlled public-private partnerships, Boric explained. He ultimately envisions a national company focused on lithium, but because creating one could be delayed by legislative divisions, agreements will initially be led by the state-owned copper mining company, Codelco.