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Lithium Power to demerge its WA hard rock lithium assets

Published by , Editor
Global Mining Review,

Lithium Power International Ltd (LPI) has announced its intention to demerge its Western Australian (WA) hard rock lithium assets.

The demerger will create a dedicated, WA-focused lithium exploration company with the management team and resources to realise the value of the WA assets. It will enable LPI to focus its resources on developing its Maricunga Lithium Brine Project in Chile.

Cristobal Garcia-Huidobro, Lithium Power’s Chief Executive Officer, said:

“LPI believes that there is a compelling strategic rationale for the demerger of LPI’s WA hard rock lithium exploration assets. The Demerger will offer existing LPI shareholders the opportunity to create long term value via a new, ASX-listed company.

“LPI has a number of highly prospective assets located in WA that are at an exciting stage of exploration. They comprise three tenements in the Greenbushes region, immediately along-strike from the Talison mine, and three tenements in the Pilbara region (one of which is adjacent to tenements held by Pilbara Minerals).

“These assets deserve their own time, attention and resources, and LPI’s Board believes that it is the best outcome for LPI shareholders to create a dedicated, WA-focused company that has the technical, human and financial resources to advance these exciting assets. A capital reduction and in-specie distribution to LPI shareholders will provide a direct level of participation in the WA assets. It will also allow LPI to focus solely on the development of its flagship Maricunga Lithium Brine Project in Chile, which is at a much more advanced stage of development.

“We are excited by what DemergeCo can achieve and look forward to providing further details on the demerger in the coming weeks and months.”

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Australian mining news Lithium mining news