Australia's Lithium Power International jumps on unit sale to Albemarle

Lithium Power International

19/06/2023 01:31

** Shares of Lithium Power International  LPI.AX  rise as
much as 6.3% to A$0.34, recording their biggest intraday pct
gain since May 11 
    ** LPI says it will sell its wholly-owned unit Western
Lithium to the Australian arm of U.S.-based Albemarle  ALB.N 
for A$30 mln ($20.60 mln)
    ** Divestment of Western Lithium will provide a positive
cash balance to construct the Maricunga lithium brine project in
Chile - LPI
    ** Stock down 27.3% this year, as of last close

($1 = 1.4567 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))