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iTech Minerals has announced a partnership with SQM Australia, a subsidiary of Sociedad Química y Minera de Chile ( SQM ), for the development of the Reynolds Range lithium project in the Northern Territory, Australia. This agreement seeks to leverage the Chilean company’s experience and global leadership in lithium technology and financing, optimizing the potential of this new discovery.
The Reynolds Range lithium project
The project is focused on a lithium pegmatite formation , with samples reaching up to 8% Li2O, representing a valuable resource for the battery and renewable technology market. SQM will provide its technical expertise and manage initial operations, while iTech will retain the rights to other minerals, such as copper and gold, to further develop its potential in the region.
This agreement includes a progressive investment commitment, in which SQM will acquire an initial 30% stake , after investing 2 million Australian dollars. In addition, it may increase its stake to 70% by meeting specific goals, such as making a total investment of 15 million Australian dollars and defining resources in accordance with the JORC standard.
The Reynolds Range project strengthens Australia’s presence in the global lithium market, taking advantage of the exponential growth in demand for electric vehicle batteries and energy storage.
The development of the Reynolds Range lithium extraction project. Source: iTech Minerals
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Source and photo: iTech
