Mineral developer Azure Minerals Ltd., West Perth, Western Australia, said on Jan. 10 that Chile’s SQM Inc., via its wholly-owned subsidiary SQM Australia, will make a cornerstone investment of up to A$20 million to acquire a 19.99% interest in Azure through a two-stage transaction. SQM has made an initial A$4.2 million investment.
Subject to the satisfaction of certain conditions precedent, SQM will invest a further A$15.8 million to hold a 19.99% interest in Azure. The junior said the SQM investment is a strong endorsement of the lithium potential of the company’s Andover Project in Western Pilbara and highlights the upside potential for Andover to grow into a globally significant lithium mining and processing operation. Andover also contains deposits of nickel, copper, and cobalt.