Codelco Secures Lithium Power International’s Maricunga Operations in Strategic Acquisition
In a significant move within the lithium sector, Chilean state-owned copper giant Codelco is set to acquire Lithium Power International's (LPI) operations in the Atacama Region's Salar de Maricunga. This deal, valued at US$244 million, was greenlit by LPI's shareholders, marking a pivotal shift in the landscape of lithium resources in Chile.
The acquisition positions Codelco, traditionally a copper mining behemoth, into the lucrative lithium market, aligning with Chile's National Lithium Strategy unveiled in April 2023. The Salar de Maricunga, home to the Blanco Project adjacent to Codelco's existing mining rights, is now under the umbrella of Codelco's subsidiary, Salar de Maricunga SpA, signifying the company's inaugural foray into lithium.
Codelco's board chairman, Máximo Pacheco, hailed the shareholders' approval as a decisive step towards consolidating Codelco's mining assets in the Salar de Maricunga, envisioning the development of a world-class lithium project. This project is not only expected to bolster Codelco's portfolio but also to embody the highest standards of environmental sustainability and community engagement.
Codelco plans to leverage its extensive mining experience and regional knowledge, particularly from its Salvador Division operations in the Atacama, to optimize the project's value and mitigate development risks. This strategic approach underscores Codelco's commitment to expanding its mining prowess into the realm of critical minerals like lithium, which are essential for the global transition to renewable energy and electric mobility.
With the Australian Federal Court's approval pending for the transaction's finalization, scheduled for February 13, and the anticipated completion by February 23, the industry is keenly observing how this acquisition will reshape Codelco's strategic direction and the broader dynamics of the lithium market in Chile and beyond.
