Chile's SQM completes Australia purchase
Chilean lithium and fertilizer group SQM has completed the acquisition of 50% of the Mt Holland lithium project from Australia's MH Gold, Montague Resources and Kidman Resources.
Under the agreement, SQM Australia is to pay US$34.7mn, of which it paid US$9.71mn upon signing. The remaining US$25mn is subject to compliance of the conditions established in the agreement.
The firm and the sellers also signed a joint venture agreement describing the development, construction and mining operations, and concentration and refining plans for the production of lithium carbonate and lithium hydroxide, while also allowing for exploration and exploitation of the sellers' lithium rights not included in the agreement.
SQM Australia is obligated to make capital contributions of US$37.5mn on behalf of the sellers, US$7.5mn of which has already materialized, and US$37.5mn more on its behalf, of which US$7.5mn has already been contributed.
Mt Holland is SQM's first hard rock lithium project. The company operates brine assets in Chile and has the Cauchari-Olaroz brine JV project with Lithium Americas in Argentina.
When first announced in July, SQM said Mt Holland is targeting production of 40,000t/y lithium carbonate equivalent in 2021.
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