Lithium Power International Limited has signed agreements to significantly increase its tenement holdings in Western Australia, buying CMC Lithium and its Greenbushes Project. This adds an extra 365 square kilometres of prospective ground around Talison Lithium’s Greenbushes Mine, the world’s largest hard-rock spodumene operation.
The acquisitions significantly increase the company’s ground position in the Greenbushes Area, making it the largest holder of ground along the Donnybrook-Bridgetown Shear Zone.
Lithium Power has also acquired two tenements in the mineral rich Eastern Goldfields of WA, from private company Lysander Lithium. The acquisition diversifies the company’s geographic footprint in WA – Lithium Power now has tenements in each of the three major WA hard rock lithium areas; Greenbushes, the Pilbara Craton and the Eastern Goldfields
These acquisitions support the company’s ability to demerge its WA assets into a separate company, Western Lithium Ltd. The company’s strategy is focused on unlocking the value of these assets, most likely through an ASX listing in the fourth quarter of 2022.
This strategy and the timing of the potential demerger and listing of Western Lithium Ltd will allow the company to focus on the consolidation of ownership of its flagship Chilean joint venture company, Minera Salar Blanco S.A., and the continued development of the Maricunga Lithium Project in Chile.
The demerger and listing process of Western Lithium is being targeted for completion in the final quarter of 2022, subject to market conditions and final approvals from ASX, ASIC, ATO and LPI shareholders.