Australia's Lithium Power International to sell unit to Albemarle (updated)

Lithium Power International

19/06/2023 24:48

(Adds details on deal in paragraph 2 and 4, quote in paragraph
in 3)
       June 19 (Reuters) - Australia's Lithium Power
International  LPI.AX  said on Monday that it will sell its
wholly-owned unit Western Lithium to the Australian arm of
U.S.-based Albemarle  ALB.N  for A$30 million  ($20.64 million).
 
    The lithium miner was already in the process of spinning its
unit as a separate company, with the intention to list on the
Australian stock exchange, according to a press statement. 
    "Despite the significant progress we had made towards an IPO
of Western Lithium in the past months, this asset realisation
will provide a significant uplift to the pre-money valuation of
our Western Australia asset portfolio," said Cristobal
Garcia-Huidobro, the company's CEO. 
    The company said that the divestment of Western Lithium will
provide a positive cash balance to construct its flagship
Maricunga lithium brine project in Chile. 
    
($1 = 1.4533 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru; Editing by Kim
Coghill and Shri Navaratnam)
 ((Archishma.Iyer@thomsonreuters.com;))