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Allkem Limited has signed a binding and conditional Heads of Agreement (HOA) to handover Borax Argentina S.A (Borax) to Minera Santa Rita S.R.L (MSR) and, in return, to obtain the María Victoria lithium tenement from MSR.
The Company will transfer all the issued shares to MSR in the two Borax holding companies and US$14 million cash under the Proposed Transaction. In exchange, MSR will transfer 100% possession of the Maria Victoria Tenement to Allkem (or its nominee), as explained below in more detail. All workers of Borax will continue as employees of MSR.
The Company will be subject to receipt of the required third party and regulatory sanctions and also hold a part of the gas capacity that Borax is entitled to from the Fenix and La Puna gas pipelines to be accessible for its Sal de Vida project.
According to the satisfaction of the conditions presented, the Proposed Transaction’s completion is anticipated in Q4 CY2022.
The acquisition of the Maria Victoria tenement complements Allkem’s existing extensive lithium brine holdings in the region and will allow more efficient development of the Olaroz salar. The exchange of Borax which is a non-core asset allows Allkem to remain focussed on its key aim of delivering growth plans of increasing lithium production threefold by 2026 and maintaining 10% of global market share in the longer term.
Martin Perez de Solay, Managing Director and CEO, Allkem Limited
Covering around 1,800 ha, the Maria Victoria Tenement is situated in the northern part of the Salar de Olaroz, which is about 10 km from Allkem’s Olaroz Lithium Facility in the Jujuy Province.
Source: https://www.allkem.co/
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