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Wealth Minerals to jointly develop Chilean lithium assets with state miner ENAMI

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Wealth Minerals to jointly develop Chilean lithium assets with state miner ENAMI

Lithium miner Wealth Minerals Ltd. agreed with Chile's state-owned National Mining Co. of Chile, or ENAMI, to form an alliance to develop Wealth Minerals' projects in the Salar de Atacama and Laguna Verde.

The companies can evaluate the properties for up to two years before signing a definitive agreement to form a partnership for exploring, developing, mining and marketing the products from the projects.

Wealth Minerals will own a 90% stake in the joint venture, while ENAMI will hold a 10% free-carried interest, according to a March 19 release.

In December 2017, Wealth Minerals was raising up to C$10 million to fund option payments on its projects, exploration work and working capital and for general and administrative costs.