Chilean state-owned copper miner Codelco, the world’s largest copper producer, has reached a deal with Lithium Power International (ASX: LPI) to buy the Australian producer of the battery metal for A$385 million ($244 million).
The deal reached by the parties, which have been involved in negotiations for weeks, involves a cash offer of 0.57 Australian dollars per LPI share.
Lithium Power sold its Western Australia in June assets in June to focus on the development of its flagship Maricunga project. The asset, located within the so-called lithium triangle in northern Chile, is estimated to contain about 1.9 million tonnes of lithium carbonate equivalent (LCE).
Chile has given Codelco a key role in a new public-private model for the sector, announced in April, which calls for public-private partnerships for future lithium projects.
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