Increases Investment in Maricunga Lithium Brine Project in Chile
- LPI acquires an additional 1% of the Chilean Joint Venture Company, Minera Salar Blanco S.A., ("MSB") to now hold 51%
- Key MSB staff and contractors issued 1.8m LPI shares for services over the past two years
- Two new Chilean Directors appointed to LPI's Board
Together, LPI and its joint venture partner Bearing acquired a total 1.35% from the third joint venture partner, Minera Salar Blanco SpA, ("Minera Blanco"), a private Chilean company owned by Mr Martin Borda.
LPI and Bearing acquired their additional shareholdings in the Maricunga joint venture company, Minera Salar Blanco S.A. ("MSB"), through a pro rata of the overall shareholding in MSB.
The ownership of the project is now LPI 51%, Minera Blanco 30.98% and Bearing 18.02%.
To further align LPI's interests with MSB and cement the strong connection between the two groups, the joint venture Board has approved the issue of 1.8m fully paid LPI shares to seven key MSB staff and contractors. These people have been important in the delivery of the key milestones associated with the project over the past two years. These shares will be issued under ASX Listing Rule 7.1.
LPI is to add two new Directors to its Board to further enhance its relationship with MSB. They are Mr Martin Borda, owner of the Chilean joint venture partner, Minera Blanco, which owns 30.98% of MSB, and Mr Cristobal Garcia-Huidobro, Chief Executive Officer of MSB.
LPI's current Chile based Director, Dr Luis Ignacio Silva, a Director at the time of the Company's IPO, retires from the Board.
These Board changes are to take effect from Monday 3 September 2018.
LPI 's Chairman, David Hannon, said:
"The completion of the 1% acquisition of MSB gives LPI 51% of the Maricunga project in Chile and further cements our relationship. The Joint Venture continues to strengthen as we move towards the development of one of the highest quality pre-production lithium brine projects globally. Rewarding key personnel in Chile with LPI shares demonstrates our ongoing commitment. We are also delighted to welcome Mr Borda and Mr Garcia-Huidobro to the LPI board, which will strengthen the Australian- Chilean connection. I would also like to thank Dr Silva for his service to the Company during the past 3 1/2 years, both prior and since the Company's IPO."
About Lithium Power International Ltd
Lithium Power International Limited (ASX:LPI) (FRA:24L) is a pure-play lithium explorer and developer, focusing on developing and fast-tracking to production the high-grade Maricunga lithium brine project in Chile.
LPI has a well known performing technical team with the experience to take the Maricunga project all the way through the development stages to production.
The regions that LPI is currently focussed on are:
1. Maricunga JV (Chile) – On 13th September 2016, Lithium Power announced the creation of a new JV to develop the world-class Maricunga lithium brine deposit in northern Chile.
2. Pilbara (Western Australia) – LPI has one granted exploration tenement and two pending exploration applications covering 203km2 in the Pilbara region of northern Western Australia. The largest granted exploration tenement is at Pilgangoora-Houston Creek is 2-3km west of the Pilbara Minerals (ASX:PLS) and Altura Mining (ASX:AJM) lithium deposits.
3. Greenbushes (Western Australia) – LPI has two granted exploration tenements covering 400km2 in the Greenbushes area of southern Western Australia. The tenements are adjacent to the world’s largest hard rock lithium mine owned & operated by Tianqi/Talison.
4. Centenario (Argentina) –Through its Argentinian subsidiary, Lithium Power holds a total of 6 granted tenements in the Centenario lithium brine salar within the Salta province of the Puna Plateau. In total, the 6 granted tenements cover an area of 61.52km2. In addition, there is 1 further tenement in the grant review stage.
With the exception of the Maricunga JV, all tenements are 100% owned by LPI or LPSA (including rights to the Centenario tenement which is the subject of review by the Argentinian mining authorities).
Lithium Power International Ltd