Lithium Power International Limited (ASX: LPI) (LPI or the Company) today announced its joint venture company, Minera Salar Blanco S.A. (MSB) had entered into a non-binding Memorandum of Understanding (MOU) with the Chilean State-owned mining company, CODELCO.
The MOU will define terms for the negotiation of a definitive agreement to form a new joint venture allowing for the development of the Maricunga Salar into a world-class lithium brine producer.
Terms and details of the definitive agreement will be finalised in coming months. The agreement will be subject to mutual due diligence, detailed documentation, the establishment of a "NewCo" under Chilean corporate law and the finalisation of a "NewCo" Shareholders Agreement, among other conditions.
