Lithium Energy (ASX:LEL) has received environmental impact assessment approval for the next phase of exploration and evaluation activities within the Solaroz Lithium Brine Project in Argentina.
The Central and Northern blocks, which sit within Solaroz, are where the majority of the existing lithium resources are located and where the majority of the next phase of activities is proposed to be undertaken.
Lithium Energy and CNG Advanced Materials’ (SZSE:300919) subsidiary CNGR Netherlands New Energy Technology (CNNET) are in the process of jointly determining a suitable work program consistent with the scope of the approved environmental assessment.
As part of a sale agreement for Lithium Energy’s interest in Solaroz, CNNET is responsible for funding the local operations and next phases of development at Solaroz from the beginning of this year.
CNNET will provide up to US$15 million ($23.99 million) in loan funding mechanisms to the Solaroz Project.
Once the work program is finalised the company intends to announce the next phase of activities at Solaroz.
In May 2024, Lithium Energy entered into a binding share sale agreement with CNNET to sell its 90% interest in the Solaroz Project for US$63 million cash.
The Solaroz Project comprises 12,000 hectares and lies within the Salar de Olaroz Basin in South America’s lithium triangle in northwest Argentina.
Lithium Energy is a battery minerals-focused company that also owns the Burke Graphite Project in Queensland, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Lithium Energy
