Andrada, SQM merger approved
Nod of aapproval
Chilean lithium developer SQM has bought a stake in Andrada Resources
Andrada Mining Limited recently secured final regulatory approval from the Namibian Competition Commission (NaCC) for its earn-in agreement with Sociedad Química y Minera de Chile SA through its subsidiary SQM Australia.
This green light paves the way for SQM to potentially acquire a 50% stake in Andrada's Lithium Ridge project, marking a significant step in the development of the company’s lithium resources.
Andrada CEO Anthony Viljoen said the agreement would help the company develop its lithium resources.
“We are delighted to receive the Competition Commission's approval for the earn-in agreement with SQM. This approval is the final component required for us to fully launch what will be a transformative partnership with one of the world's largest lithium chemicals producers. The Agreement will significantly accelerate our lithium to market strategy,” Viljoen said.
Viljoen described the approval as significant, explaining that it is an exciting development for both Andrada and Namibia, SQM's up to US$40 million foreign direct investment will not only expedite the development of the spodumene-rich Lithium Ridge but should also drive socio-economic growth in the Erongo region. “This strategic partnership will create direct and indirect employment opportunities, enhance local skills development, and strengthen local procurement of goods and services.”
Mark Fones, SQM International Lithium division CEO said the approval by the competition commission expanded his company’s lithium portfolio.
“We are delighted that the Namibian Competition Commission granted approval for our earn-in agreement. With all conditions precedent met, we are set to begin exploration at Lithium Ridge. This milestone marks a key step in the expansion of our lithium asset portfolio, reinforcing our commitment to the global energy transition,” Fones said.
This green light paves the way for SQM to potentially acquire a 50% stake in Andrada's Lithium Ridge project, marking a significant step in the development of the company’s lithium resources.
Andrada CEO Anthony Viljoen said the agreement would help the company develop its lithium resources.
“We are delighted to receive the Competition Commission's approval for the earn-in agreement with SQM. This approval is the final component required for us to fully launch what will be a transformative partnership with one of the world's largest lithium chemicals producers. The Agreement will significantly accelerate our lithium to market strategy,” Viljoen said.
Viljoen described the approval as significant, explaining that it is an exciting development for both Andrada and Namibia, SQM's up to US$40 million foreign direct investment will not only expedite the development of the spodumene-rich Lithium Ridge but should also drive socio-economic growth in the Erongo region. “This strategic partnership will create direct and indirect employment opportunities, enhance local skills development, and strengthen local procurement of goods and services.”
Mark Fones, SQM International Lithium division CEO said the approval by the competition commission expanded his company’s lithium portfolio.
“We are delighted that the Namibian Competition Commission granted approval for our earn-in agreement. With all conditions precedent met, we are set to begin exploration at Lithium Ridge. This milestone marks a key step in the expansion of our lithium asset portfolio, reinforcing our commitment to the global energy transition,” Fones said.
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