iTech inks deal with Chilean lithium giant to progress Reynolds Range

The Market Herald11-22 06:58

iTech Minerals Ltd (ASX:ITM) has partnered with global lithium chemical producing giant Sociedad Química y Minera de Chile to facilitate the development of the former’s Reynold’s Range lithium project...

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href=https://themarketonline.com.au/itech-inks-deal-with-chilean-lithium-giant-to-progress-reynolds-range-2024-11-22/><strong>The Market Herald</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>iTech Minerals Ltd (ASX:ITM) has partnered with global lithium chemical producing giant Sociedad Química y Minera de Chile to facilitate the development of the former’s Reynold’s Range lithium project...</p>\n\n<a href=\"https://themarketonline.com.au/itech-inks-deal-with-chilean-lithium-giant-to-progress-reynolds-range-2024-11-22/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PLS.AU","symbol_name":"PILBARA MINERALS 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interest in the ITM’s lithium rights through the payment of $2 million, and will be able to boost this to a 51% investment by spending $7 million on exploration within 4.5 years of the commencement date – with $2 million to be spent in the first 1.5 years.Join the discussion: See what HotCopper users are saying about ITM and be part of the conversations that move the markets.","collect":0,"end_time":0,"defaultTopTitle":"themarketonline.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"PLS.AU":"PILBARA MINERALS LTD","BK7095":"多种金属与采矿","BK7507":"资源股","ITM.AU":"ITECH MINERALS LTD","BK7504":"锂钴概念"},"translate_title":"iTech与智利锂巨头签署协议以推进雷诺兹系列","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ITM.AU":1,"PLS.AU":1},"content_text":"iTech Minerals Ltd (ASX:ITM) has partnered with global lithium chemical producing giant Sociedad Química y Minera de Chile to facilitate the development of the former’s Reynold’s Range lithium project in the Northern Territory.\niTech entered a binding Memorandum of Understanding with SQM Australia Pty Ltd – a subsidiary of Sociedad Química y Minera de Chile, and part of its international lithium division – to progress exploration at the play, which stretches across 375 square kilometres.\nFollowing a period of due diligence, the agreement will allow SQM to earn an immediate 30% interest in the ITM’s lithium rights through the payment of $2 million, and will be able to boost this to a 51% investment by spending $7 million on exploration within 4.5 years of the commencement date – with $2 million to be spent in the first 1.5 years.\nFinally, SQM will have the option of taking on 70% of the lithium rights if it pays an additional $3 million to ITM, and defines a JORC compliant mineral resource estimate beyond 50 million tonnes at1.0% Li2O or equivalent, or by spending an additional A$15million on exploration.\nITM managing director Mike Schwarz said the deal would enable the mineralisation at 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