Lithium Power International Ltd. is increasing its interest to 51.35%, from 50%, in joint venture company Minera Salar Blanco SA, which owns the Maricunga lithium brine project in northern Chile.
The company said June 7 that it entered into a term sheet with partner Minera Salar Blanco SpA to acquire a further 1.35% of the joint venture's shares for about A$2 million in cash.
On completion, Minera Blanco's interest will decrease to 30.98%, while Bearing Lithium Corp.'s interest will remain unchanged at 17.67%.
Lithium Power will also appoint two new Chilean directors after the transaction completes: Martin Borda, the president and a major shareholder of the joint venture partner, and Cristobal Garcia-Huidobro, CEO of the joint venture company.
The company decided in February to complete its 50% earn-in on the Maricunga project by up to six months ahead of the agreed joint venture schedule following a successful preliminary economic assessment in December 2017.
