- Lithium Power International’s (LPI) joint venture company, Minera Salar Blanco, has lined up a strategic alliance for the development of the Maricunga Project in Chile
- Minera Salar Blanco has signed a non-binding memorandum of understanding with Japanese conglomerate Mitsui, which provides for off-take and funding for the first stage of production of battery-grade lithium carbonate
- Mitsui will also collaborate on the development of Minera Salar Blanco’s DEL technology for other lithium operations in Chile
- The terms of the definitive agreements will be finalised following completion of due diligence
- LPI last traded on May 7 at 29 cents
Lithium Power International’s (LPI) joint venture company Minera Salar Blanco has lined up a strategic alliance for the development of the Maricunga Project in Chile.
The lithium and potash project — located in the Maricunga Salar — is in the advanced phase of development, and under stage one, will have a nameplate capacity of 15,000 tonnes per annum of high-purity lithium carbonate over 20 years.
Minera Salar Blanco has signed a non-binding memorandum of understanding (MOU) with global trading and investment company Mitsui.
The MOU provides for Mitsui to buy 10,000 tonnes per annum of battery-grade lithium carbonate for an initial 10-year period, although this can be extended to cover up to the full 20-year life of mine.
Additionally, the agreement gives Mitsui the right to participate in phase-one funding of the Maricunga through equity or debt contributions.
Mitsui will also have the right to participate in future expansions of the project, as well as the development of Minera Salar Blanco’s DLE processing technology for other lithium related operations in the country.
The terms of the definitive agreements will be finalised following completion of due diligence.
LPI last traded on May 7 at 29 cents.