SANTIAGO (Commodity Online): Li3 Energy Inc along with R3 Fusion Inc. to explore lithium from Maricunga using new technology SPaCeR Technology, has now made Securities purchase agreement with POSCO Canada Ltd.
The partnership will aid the Maricunga project upto $18 billion.
Li3 and R3 believes that the SPaCeR Technology could significantly shorten the current natural (Solar) evaporation cycle at Maricunga from its estimated duration of approximately 18 months. R3 will attempt to demonstrate and Li3 will measure the efficacy of its SPaCeR technology for the concentration of lithium chloride solutions.
Li3, with a controlling interest in its flagship Maricunga property is now focused on implementing the Exploration and Development plan which includes securing leading well drilling contractors, seismic surveyors and engineering firms, as well as the necessary governmental drilling permits to begin the advancement of the project.
The security purchase agreement with the POSCO Canada Ltd has been an achievement for Li3’s.
"We are extremely pleased to have executed this agreement with POSCO. We began earnest discussions in March of this year and to consummate this transaction in less than six months is testament to the extraordinary efforts by a dynamic, proactive and extremely professional team from POSCO and the cooperation and ability of Li3's management team and advisors. “Said Luis Saenz, CEO of Li3
“Being chosen as one of their lithium and other minerals project partners, coupled with the financial and technical support this relationship brings and the potential commercial opportunities we hope to derive from a global strategic partner of this magnitude, we believe speaks to the strength of Li3, the merit of Maricunga, and potential of our future plans. We look forward to working together with POSCO as we advance the Maricunga project. “He added
Maricunga is located in the northeast section of the Salar de Maricunga (the "Salar") in Region III of Atacama in northern Chile, at an elevation of 3,760 meters above sea level.
Li3 Energy, Inc. is an exploration and developmental stage public company in the lithium mining and energy sector.
POSCO engages in the manufacture and sale of various steel products in South Korea and internationally.
R3 Fusion is a company dedicated to the development and commercial deployment of energy efficient processes addressing significant challenges in the water, bio-fuels, energy, minerals and mining, and environmental markets.
