Lithium Power International is raising $10.4 million for ramping up its Maricunga Lithium Brine Project.
The company is looking for equity partners and bids have to be submitted by next week. The sum will be used in continuing exploration at its Greenbushes site in Western Australia.
Lithium Power currently owns a 51.6pc interest in the mine with Minera Salas Blanco owning the remaining stake.
A feasibility study, done by WorleyParsons in 2019, estimated that the project would produce 20,000mt annually.Both companies also signed a memorandum of understanding which Mitsui & Co which allows the company the ability to buy 15,000mt of lithium brine per year.