Lithium Energy Amends Terms of $63 Million Sale of Argentina Project

MT Newswires Live

Dec 06, 2024

Lithium Energy (ASX:LEL) amended the terms of the sale of its 90% stake in the Solaroz Lithium Brine Project at the Salar de Olaroz basin in North-West Argentina to a unit of China-based CNGR Advanced Materials (CNGR), according to a Friday filing with the Australian bourse.

Under the amended terms, CNGR will pay a second non-refundable deposit of $6 million in January 2025, following shareholder approval. The first deposit of $1.8 million received in May has also become non-refundable.

The total purchase price remains $63 million, with $26 million due on April 24, 2025, for the transfer of a 39.9% stake and $21.7 million on Jan. 9, 2026, for the remaining 50.1%, the filing said.

A deferred payment of $4.5 million is contingent on lithium carbonate prices exceeding $23,000 per tonne.

Lithium Energy will also contribute up to $15 million in unsecured loans for Solaroz's operations starting January 2025.

The deal is subject to shareholder approval at a meeting scheduled for January 2025.

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