Li3 Energy Inc. is pursuing a business strategy to acquire a portfolio of lithium brine deposits in the Americas for the purpose of development and production of lithium. Lithium is used extensively in many clean and green energy applications such as batteries.
The company announced today that it has signed a letter of intent to acquire Puna Lithium Corporation. Puna has an option to acquire up to 85% of 90,000 acres of salar property in Argentina. More importantly, Puna has an option to acquire up to an aggregate 80% interest in 123,000 acres of prime Chilean salar ground located across nine Chilean salars, including Salar de Atacama where Sociedad de Chile (NYSE: SQM) has production facilities.
The Salar de Atacama currently contains the highest economic lithium concentrations in the world as well as some of the lowest processing costs due to its low magnesium content, high evaporation rates and ability to operate year-round. The entire Puna plateau is host to over 70% of the world’s lithium reserves and production.
Li3 Energy also recently announced an acquisition of a lithium brine property in Big Smoky Valley, Nevada. With the recent acquisitions, Li3 Energy has secured approximately 300,000 acres of prime lithium brine properties in the three major politically stable brine production areas in the world. Luis Seinz, CEO of Li3 Energy, said, “These properties will provide the platform for Li3 on the primary production side to execute on its business plan of rapidly developing a vertically integrated lithium production, manufacturing and sales company.”