Appoints Chief Executive Officer and Managing Director
- Mr Cristobal Garcia-Huidobro, currently a Non-Executive Director, has been appointed Chief Executive Officer ("CEO") and Managing Director of Lithium Power International ("LPI").
- Mr Garcia-Huidobro is a highly respected member of the Chilean business community and will also retain his role as CEO of the joint venture company, Minera Salar Blanco S.A. ("MSB").
- This appointment consolidates the already seamless connection between LPI and MSB.
Consistent with other Director appointments, Mr Garcia-Huidobro and Mr Borda will each be granted 2,000,000 unlisted options with an exercise price of $0.60 and a term of three years. The grant of options is subject to approval at the Company's Annual General Meeting to be held on 28 November 2018.
- Mr Cristobal Garcia-Huidobro - Chief Executive Officer and Managing Director
Mr Garcia-Huidobro was appointed a Non-Executive Director of LPI on 3 September 2018 and is now being appointed as CEO and Managing Director. He will also continue as the CEO and Director of LPI's joint venture company, Minera Salar Blanco S.A. ("MSB") thus ensuring excellent synergies between the two entities.
Mr Garcia-Huidobro has an unrivalled reputation and a very strong commercial network in Chile, along with a deep understanding of the operational and political background and requirements of the Maricunga Project.
His appointment has been approved by LPI's joint venture partners in MSB, as required under the joint venture Shareholders Agreement and was further cleared of any potential conflicts of interest under Chilean law and/or regulations.
Mr Garcia-Huidobro was instrumental in the finalisation of the joint venture shareholder and investment agreements for the Maricunga Project. He leads MSB's exploration and development program of the Maricunga Project.
Mr Garcia-Huidobro is a qualified civil engineer and holds an M&A certificate from Chicago University, with 18 years' experience in the development and financing of mining, energy, infrastructure, finance and property projects. He was formerly the CIO of Centinela, an investment company with a global portfolio of investments. He has been involved in the development of a wide range of projects mainly related to hydroelectric and wind power generation, oil and gas exploration and production, real estate developments and mining. He also served as a board and committee member on several mining, property and agricultural funds in North and South America.
Mr Garcia-Huidobro's appointment as CEO and Managing Director takes effect on 16 October 2018.
LPI 's Chairman, David Hannon, said:
"Mr Garcia-Huidobro brings a wealth of experience and specialised skills to LPI which will be invaluable as the Company moves through the next stages of developing the Maricunga Project. The Managing Director appointment of Mr Garcia-Huidobro has taken time to secure and finalise, requiring corporate and regulatory approvals, and indicates the importance that the Board places on the overall strategic and operational needs of both LPI and MSB.
The appointment of Mr Garcia-Huidobro as CEO is a natural extension to his role as CEO of MSB and was approved by LPI's joint venture partners. It follows LPI's recent acquisition of an additional 1% of MSB in September 2018 and provides a strong, politically strategic outcome for both LPI and MSB.
On behalf of the existing Directors, I am delighted to announce Cristobal's appointment as CEO and to welcome him to the LPI Board in the capacity of Managing Director."
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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