Lithium Energy has received environmental impact assessment (EIA) approval for the next phase of exploration and evaluation activities at the Solaroz Lithium Brine Project in Argentina.
The approval covers the central and northern blocks, which span 10,666 hectares (ha) and contain the majority of Solaroz’s lithium resources.
Following previous EIA approvals for the Mario Angel and Payo concessions in December 2024, the company can now recommence exploration across all Solaroz concessions.
In April 2024, Lithium Energy signed an agreement to divest its 90% interest in the project to CNGR Netherlands New Energy Technology (CNNET), a subsidiary of Chinese-listed CNGR Advanced Material.
CNNET received Chinese regulatory approvals for the acquisition in June 2024. The sale was approved by Lithium Energy shareholders on 8 August 2024.
Under an amended sale agreement announced in December 2024, Lithium Energy will sell its entire interest in Solaroz for approximately $63m (A$100.58m) in cash.
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By GlobalData
Lithium Energy shareholders approved the revised agreement on 15 January 2025.
CNNET will fund future development at Solaroz from 1 January 2025 through a loan funding mechanism of up to $15m, as part of the agreement.
Lithium Energy and CNNET are jointly planning a work programme in line with the approved EIAs.
Updates on the exploration, evaluation and development activities will be provided once the programme is finalised.
The Solaroz Lithium Project spans 12,000ha of lithium concessions, with a Joint Ore Reserves Committee (JORC) indicated and inferred resource. It is strategically located in Argentina’s Salar de Olaroz Basin within South America’s ‘Lithium Triangle’.
Lithium Energy shares the lithium rights in the Olaroz Salar basin with Arcadium Lithium and Lithium Argentina.
The company had been exploring the development of a lithium carbonate production facility and evaluating direct-lithium extraction technologies before the sale of Solaroz.
