SQM’s Strategic Move in the Lithium Market
SQM Australia Pty Ltd, a subsidiary of the Chilean lithium titan Sociedad Química y Minera de Chile (SQM), has entered into an agreement to acquire a 30% stake in Pirra Lithium Limited from Haoma Mining NL. This acquisition will be followed by an increase in ownership to 40% through an investment of A$3 million (CAD$2.6 million) dedicated to exploration activities.
Calidus Announces New Developments
Calidus Resources Limited, holding 40% of Pirra, shared this news. In an exciting development, Pirra plans to secure 348 square kilometers of lithium rights from Haoma. This area lies in Australia’s East Pilbara region. This new acquisition will enhance the current rights agreement between Pirra and Haoma.
Exploration Activities Gain Momentum
Recently, Pirra began mapping and sampling in the West Pilbara’s Tabba Tabba South tenement. This site is close to Wildcat Resources’ new discovery. Dave Reeves, Calidus’s managing director, spoke about the expanded landholding. Now covering over 1,411 square kilometers in the Pilbara, he highlighted the Tabba Tabba South tenements’ potential. These tenements are near known lithium sites and are part of a lithium-rich belt.
Greenstone Belt: A New Area of Interest
SQM’s interest extends to the greenstone belt, located 65 kilometers southwest of Marble Bar and close to granites. This land is currently owned by Haoma. As part of their collaboration, Haoma will transfer the rights for lithium exploration and extraction in these areas to Pirra. Pirra has committed $500,000 for exploration activities on these lands over the next 18 months. Additionally, Pirra has agreed to compensate Haoma based on specific exploration milestones, which includes the potential conversion of 7.5 million performance rights into Pirra shares, contingent on certain conditions.