LITH:CC - Lithium Chile and Grupo Errazuriz Apply for CEOL to Produce Lithium in the Coipasa Salt Flat
(TheNewswire)
TSX Venture Exchange: LITH
CALGARY, ALBERTA – TheNewswire - February 6, 2025 – Lithium Chile Inc . (“ LithiumChile ” or the “ Company ”) ispleased to announce a pivotal step taken toward advancing lithiumproduction in Chile. Lithium Chile through its wholly ownedsubsidiary, Kairos Inversions SPA, together with Grupo Errázurizthrough its subsidiary, Cosayach Caliche, jointly applied for aSpecial Lithium Operation Contract (CEOL) on a 50%-50% basis for theCoipasa salt flat, situated in the Tarapacá region.
Under the leadership of President Gabriel Boric and aspart of Chile's comprehensive National Lithium Strategy, a simplifiedbidding process for CEOLs was launched in 2024 for six priority salinesystems, which included the Company’s shared Coipasa Salt Flatclaims. The simplified process is aimed at accelerating the promptexecution of viable projects which aligns with the government's goalto rapidly enhance Chile’s standing in the global lithiummarket.
To qualify for the streamlined process, companies orconsortia were required to demonstrate experience in any segment ofthe lithium industry value chain or in mining operations. They mustalso have the financial capability to develop the project and controlmining concessions that cover at least 80% of the area in any of thedesignated priority salars.
Francisco Javier Errázuriz, President of theErrázuriz Group which controls Cosayach Caliche, commented on thedevelopment, “ This jointapplication meets, and indeed exceeds, the government's criteria interms of industry experience, financial capability, and control overmining concessions within the prioritized saline systems. For theCoipasa salt flat, our joint venture covers 89.83% of the Salar deCoipasa polygon, encompassing both Exploration and Exploitationconcessions which allows for the fast tracking of the CEOLpermit.”
The joint application, with both parties participatingequally, was submitted on January 31, 2025, by Lithium Chile and GrupoErrázuriz, seeks to enhance lithium production beyond the traditionalconfines of the Atacama salt flat, currently dominated by SQM andAlbemarle. The Coipasa salt flat, elevated at 3,700 meters above sealevel, lies within the commune of Colchane, a border area betweenChile and Bolivia.
Coipasa Salt Flat,Chile
Steve Cochrane, President & CEO commented,“ Collaboration is vital foradvancing sustainable projects that boost Chile's position in theglobal lithium market. This strategic partnership extends beyondmutual gains for the involved parties; it supports job creation andeconomic growth, contributing to wider socio-economic advantagesthroughout the region. Grupo Errazuriz is a prominent Chilean privatecorporation with holdings not only in a number of Chilean salars, buta proprietary DLE technology and plant established in Copiapo. Ourcooperation with Grupo Errázuriz is set to deliver substantialbenefits."
After confirming that the requirements of the CEOLapplications have been met, the Mining Ministry will provideapplicants with a CEOL model. If both parties agree, the CEOL will beexecuted following the completion of the indigenous consultationprocess and the issuance of the supreme decree that sets forth theCEOL's requirements and conditions. If an agreement is reached usingthe simplified procedure, there will not be a need for a publictender.
ABOUT GRUPO ERRÁZURIZ
Grupo Errázuriz is an outstanding Chilean businessconglomerate with a long history in the country and a significantpresence in 15 economic sectors: mining, real estate, automotive,fishing, salmon, agriculture, forestry, livestock, wine, fruit andfinance, among others. In mining, the group has interests in gold,nitrates, iodine, copper and lithium. It isrecognized for its strategic leadership and investment promotion inChile, with a strong vocation for innovative and sustainableprojects.
ABOUT LITHIUM CHILE
Lithium Chile Inc. is an exploration company with aportfolio of 11 properties spanning 107,936 hectares in Chile and29,245 hectares on the Salar de Arizaro in Argentina. The Company hassuccessfully advanced its Arizaro project with the completion of an NI43-101 compliant Resource Report followed by a Preliminary EconomicAssessment and then a Prefeasibility Study, all of which areaccessible on SedarPlus.ca under Lithium Chile’s profile.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “LITH” and on the OTCQB Under the symbol“LTMCF”.
To find out more about Lithium Chile, please contactSteven Cochrane, President and CEO via email: steve@lithiumchile.ca or MichelleDeCecco, COO via email: michelle@lithiumchile.ca or phone: 587-393-1990.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.
FORWARD LOOKING STATEMENTS AND RISKFACTORS:
This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking statements can beidentified using forward-looking terminology such as"expected", "anticipated", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to the general stability of the economic and politicalenvironment in which the Company operates and the timely receipt ofrequired regulatory approvals.
Closing of the proposed sale remains subject tosignificant risks including obtaining necessary regulatory bodyapprovals including that of the TSX Venture Exchange. Closing alsoremains subject to the completion of Definitive Agreements in formsatisfactory to the parties to the transaction and remains subject tofinal completion of due diligence by the Buyer.
Readers are cautioned that the foregoing risk factorsare not exhaustive. Undue reliance should not be placed on theforward-looking statements because Lithium Chile can give no assurancethat they will prove to be correct or that any of the eventsanticipated by forward-looking statements will transpire or occur, orif any of them do, what benefits Lithium Chile will derive therefrom.Similarly, the risk factors listed above are not exhaustive and otherrisk factors that have not been anticipated may become apparent asLithium Chile proceeds to Closing. Lithium Chile does not undertaketo update any forward- looking statements herein,except as required by applicable securities laws. All forward-lookingstatements contained in this news release are expressly qualified bythis cautionary statement.
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