Chile's Codelco says Australian LPI shareholders approve purchase

Lithium Power International

23/01/2024 12:50

SANTIAGO, Jan 23 (Reuters) - Chile's Codelco, the
world's largest copper producer, said on Tuesday that
Australia's Lithium Power International (LPI) shareholders
approved its purchase offer.
    The state-owned company made the offer for LPI's operations,
which owns the Salar Blanco project in Maricunga in northern
Chile, at 0.57 Australian dollars ($0.3752) per share.
    "With this purchase, Codelco consolidates its mining
property in the Maricunga salt flat," Maximo Pacheco, Codelco's
chairman said in a statement. 
    The Federal Court of Australia will have to validate and
authorize the transaction, which is scheduled for Feb. 13. The
entire process is expected to conclude on Feb. 23, Codelco said.
    Chile is the world's second-largest lithium producer and
Codelco was tasked by the government last year to lead a state
push to take control of the industry through state-controlled
public-private partnerships in strategic salt flats.
    Codelco agreed with SQM, Chile's largest lithium miner, in
late December to enter one of these partnerships in the Atacama
salt flat, the only area where lithium is currently extracted in
Chile.


($1 = 1.5191 Australian dollars)

 (Report by Fabián Andrés Cambero; Writing by Alexander Villegas
Editing by Tomasz Janowski)
 ((fabian.cambero@thomsonreuters.com; twitter: @fab_reuters;
+569 62479675;))