SYDNEY, AUSTRALIA: Xantippe Resources Limited (ASX: XTC), a mining company, has announced that it has made a non-binding proposal to acquire a 25% interest in the Fundos del Plata IV lithium project in Argentina, for $5 million.
The project is owned by Minera Collasuyo, a subsidiary of Zijin Mining, a Chinese mining giant. The project is located in the Lithium Triangle, a region rich in lithium brines.
Xantippe said that it will complete its due diligence and negotiate definitive agreements with Minera Collasuyo, subject to acquisition and necessary approvals. It said that it will start exploration activities as soon as possible.
Xantippe’s executive chairman John Featherby said that the proposal was part of the company’s strategy of becoming a major lithium brine producer in South America, using direct lithium extraction (DLE) technology, which requires less water and has a smaller environmental footprint. He said that the acquisition would add to the company’s footprint in Latin America and provide a clean lithium product.
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