Lepidico is calling on organisations interested in being minority equity partners for the Karibib Lithium Project to submit binding proposals as of next month.
The Karibib Lithium Project, comprising the Helikon and Rubikon mines, has Africa’s 7th biggest lithium reserve at 773,000 tons.
Many deal structures, from securing a minority equity partner to an asset sale, are under consideration.
Jefferies International Limited has been engaged as the exclusive financial advisor to look at expanding the scope of the Karibib Lithium Project as strategically attractive.
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In April 2024, Lepidico announced a drive to raise about N$70.1 million (A$5.72 million) before expenses from selling 1.9 billion new shares to complete Phase 1 project financing, including strategic partner and lender due diligence.
Phase 1 involves redeveloping the brownfield Rubicon and Helikon mines and building a new concentrator at the Karibib Lithium Project, costing US$63 million.
In the United Arab Emirates, Phase 1 involves the construction of a US$203 million chemical plant at Khalifa Economic Zones Abu Dhabi to process ore from the Karibib Lithium Project.
Lepidico says it continues progressing in discussions with various government entities about funding support for the integrated Phase 1 Project.
Lepidico announced on Monday that it was reaching out to potential partners, including entities with whom it has previously engaged, and new prospective partners identified as having an interest in direct involvement in upstream hard rock lithium assets, with most transaction types to be considered.
The company will also consider organisations interested in its novel, sustainable proprietary lithium mica process technologies.
The outreach is global and spans organisation types that include, but are not limited to, private corporations, state-owned enterprises, investment funds, and private equity.
Lepidico says it will assess all transaction proposals based on certainty, sustainability, and their ability to maximise shareholder value.