Lithium Power International stands firm on Maricunga
PERTH (miningweekly.com) – ASX-listed Lithium Power International (LPI) on Friday reiterated its confidence in the Maricunga lithium brine project, in Chile.
Responding to news reports in the Chilean press regarding the exploitation of lithium in the Salar de Maricunga, LPI on Friday confirmed that the standing of its concessions and permitting according to Chilean law was solid.
“This has been reinforced by multiple legal positions during the last three years from the large and specialist law firms in Chile.
“LPI has absolute confidence in the Chilean legal system and in its strict compliance by its authorities, including Ministers, where only the Courts have the jurisdiction to interpret laws. These authorities have approved and supported LPI in the development of the project from its inception, always ensuring equal treatment and protection for foreign investors in Chile,” the company said in a statement.
LPI is continuing with its project financing process, and several expressions of interest in relation to debt and equity funding have been received, which are being reviewed by LPI management and its advisers. The process will progress as expected during the upcoming months.
A January updated definitive feasibility study into the Maricunga project estimated that it would require a capital investment of $419-million to develop the Stage 1 operation, producing 15 200 t/y of lithium carbonate over a mine life of 20 years.
The study estimated an aftertax net present value of $1.4-billion for the project and an internal rate of return of 39.6%, with a pay-back perid of two years.
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