Uranium One, a subsidiary of Russia’s Rosatom, has signed a memorandum of understanding (MoU) to buy a 51% interest in the Atacama lithium project from Canada’s Wealth Minerals.
The project comprises a 46 200 ha licensed position located in the Atacama Salar in Region II of Antofagasta.
The MoU provides for a due diligence period during which Uranium One could conduct technical, geological, legal, tax, financial and other due diligence on the Atacama project.
The MoU provides for increased cooperation between the parties for the development of the lithium projects. Such development is expected to include, among other things, the application of Uranium One's sorption lithium extraction technology.
“The lithium industry’s future growth is about the profound changes happening in the way the world uses energy. Wealth’s team has invested significant time in studying and evaluating the best methodologies for developing its lithium assets, with a view to avoid using solar evaporation.
“Partnering with Uranium One will help Wealth accelerate the development of lithium projects by using modern technology and moving away from outdated solar evaporation to a more efficient and environmentally friendly sorption technology,” said Wealth president Tim McCutcheon.