Lithium Power International Ltd. said June 18 that Centenario Lithium Ltd. was unable to complete the acquisition of Lithium Power International Holdings (Argentina) Pty. Ltd., which holds the Centenario lithium project in Argentina.
In December 2017, the company agreed to sell its Centenario project to Albertson Resources Pty. Ltd. nominee Centenario Lithium. The completion of the transaction was scheduled to occur June 14.
Lithium Power will retain around A$1.2 million in payments received from Centenario Lithium and transfer to the buyer around 30% of the share capital in its Argentine unit.
The Centenario project will become a 70/30 joint venture between Lithium Power and Centenario Lithium.
Lithium Power intends to continue discussions with Centenario Lithium regarding a potential transaction involving the unit in the future, along with further advancement of the project.
The company, meanwhile, said it is evaluating various options for its Pilbara and Greenbushes assets in Western Australia, as well as its interest in the Centenario joint venture.
Possible options include the potential disposal of some or all the non-Chilean assets, joint venture arrangements or spinning out some or all of these assets into a newly listed vehicle on the ASX or any other securities exchange.