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Rosatom May Buy Controlling Stake in Chile Lithium Project

Power News - Published on Fri, 18 Oct 2019

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Uranium One Group, a subsidiary of Russia's state nuclear company Rosatom, may buy a controlling stake in a lithium project in Chile from Canada-listed Wealth Minerals Ltd. Wealth Minerals said in a statement that Rosatom, the world's biggest nuclear company by foreign orders, offered Chile technology which, according to the Russian company, can boost output of lithium, a key ingredient in electric vehicle batteries, lobbyist transparency filings showed in December.

The memorandum provides for the acquisition by Uranium One of up to a 51 per cent stake in Wealth Minerals's Atacama lithium project in northern Chile on commercial terms to be agreed upon by the parties, it added.

Rosatom's interest in the South American nation's lithium industry comes as electric automakers worldwide seek resources for their batteries. Chile is the world's top copper producer and the world's No. 2 producer of lithium - both metals critical for the industry.

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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