Lithium Power International Ltd: Environmental Impact Assessment Update
Sydney, Australia - Minera Salar Blanco S.A. (MSB), Lithium Power International Ltd.'s (ASX:LPI) (FRA:24L) (OTCMKTS:LTHHF) joint venture company, were informed today that the Chilean Environmental Service has extended the EIA evaluation process for 60 days.The Chilean regulations sets a timeframe of 120 business days for the final environmental evaluation of any project submitted in the country. It also grants the Environmental Service a one-time extension, at its own discretion during the process, if needed to complete the evaluation. The use of this extension by the Environmental Service is customary among large and/or complex projects in Chile and was expected by MSB, as the initial evaluation timeframe of 120 days was due yesterday, 15 October (Chile time).
This request by the Environmental Service for an extension is a result of no specific question or query, but rather to grant more time to review the comprehensive data that has already been provided by MSB. A resolution from the Environmental Service is expected in Q1 2020.
Lithium Power International's Chief Executive Officer, Cristobal Garcia-Huidobro, commented:
"We expect an approval for our EIA to be granted in Q1 2020, at the completion of the Environmental Service's review process. This extension does not have any impact on the financial structuring process currently underway, nor does it impact the finalisation of the joint venture with CODELCO, which is simultaneously being worked on."
About MSB
MSB is LPI's joint venture company based in Chile. MSB's Maricunga lithium brine project is Chile's highest grade and most advanced lithium project outside the Salar de Atacama. In January 2019, MSB submitted its Definitive Feasibility Study (DFS), which supports 20,000 tonnes per annum production of lithium carbonate equivalent (LCE) over 20 years, providing a pre-tax NPV of US$1.302 billion. MSB submitted its Environmental Impact Assessment (EIA) in September 2018. The EIA is currently in its final stage of the evaluation process, with a resolution expected in Q1 2020.
About Lithium Power International Ltd:
Lithium Power International Ltd. (ASX:LPI) (FRA:24L) is a pure-play lithium explorer and developer, focusing on developing and fast-tracking to production the high-grade Maricunga lithium brine project in Chile.
LPI has a well known performing technical team with the experience to take the Maricunga project all the way through the development stages to production.
The regions that LPI is currently focussed on are:
1. Maricunga JV (Chile) – On 13th September 2016, Lithium Power announced the creation of a new JV to develop the world-class Maricunga lithium brine deposit in northern Chile.
2. Pilbara (Western Australia) – LPI has one granted exploration tenement and two pending exploration applications covering 203km2 in the Pilbara region of northern Western Australia. The largest granted exploration tenement is at Pilgangoora-Houston Creek is 2-3km west of the Pilbara Minerals (PLS.ASX) and Altura Mining (AJM.ASX) lithium deposits.
3. Greenbushes (Western Australia) – LPI has two granted exploration tenements covering 400km2 in the Greenbushes area of southern Western Australia. The tenements are adjacent to the world’s largest hard rock lithium mine owned & operated by Tianqi/Talison.
4. Centenario (Argentina) –Through its Argentinian subsidiary, Lithium Power holds a total of 6 granted tenements in the Centenario lithium brine salar within the Salta province of the Puna Plateau. In total, the 6 granted tenements cover an area of 61.52km2. In addition, there is 1 further tenement in the grant review stage.
With the exception of the Maricunga JV, all tenements are 100% owned by LPI or LPSA (including rights to the Centenario tenement which is the subject of review by the Argentinian mining authorities).
Source:
Lithium Power International Ltd.
Contact:
Cristobal Garcia-Huidobro - CEO; or Andrew Phillips - CFO Lithium Power International E: info@lithiumpowerinternational.com Ph: +61 2 9089 8723 www.lithiumpowerinternational.com @LithiumPowerLPI