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Lithium Power International (ASX:LPI) is continuously de-risking its flagship Maricunga Lithium Brine project, the most developed pre-construction mine in Latin America.
Speaking on behalf of LPI Managing Director Cristobal Garcia-Huidobro during the company’s presentation at the Noosa Mining Conference 2022, Executive Director Richard Crookes provided an update on the property.
“We’ve been working extensively since 2012 drilling production wells, defining a resource, and getting our environmental permit, which is no mean feat in Chile on a greenfields project. We've conducted two feasibility studies and we've taken lots of samples for pilot testing and for off-taker qualification. We're in the final phases of arranging finance for the development of this project. We hope to be in construction very soon.”
LPI also seeks to consolidate 100 percent ownership of Maricunga project via two all scrip mergers with its joint venture partners Minera Salar Blanco SpA and Bearing Lithium Corp. (TSXV:BRZ). “We own 51 percent of this asset and we have just announced a consolidation by the end of this quarter subject to shareholder approval.” The consolidation will simplify decision-making and will provide the optimal structure to oversee the rapid development of Maricunga.
“We think this has unrivaled quality. Tier one companies have done the work. We're very happy with the economics and I think the market hasn't really grasped the implications of consolidation in terms of its development timeline. It makes the financing a whole lot easier. It makes the decision-making a lot better and I think importantly, it gives us a lot more sort of corporate appeal for potential companies to participate in some way. We're really excited by that consolidation.” said Crookes.
Watch the full presentation here
This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.