The Conversation (0)
Li3 Energy, Inc., (OTCBB: LIEG) provided an update on the Chilean law relating to the exploitation of lithium, wherein special lithium operations contracts (CEOLs) are to be granted by late 2012, in effort to maintain global lithium market leadership.
Li3 Energy, Inc., (OTCBB: LIEG) provided an update on the Chilean law relating to the exploitation of lithium, wherein special lithium operations contracts (CEOLs) are to be granted by late 2012, in effort to maintain global lithium market leadership.
As quoted in the press release:
Over the last several days, numerous press releases have circulated in Chile outlining the government’s plans to improve its worldwide competiveness. The Boost Competitive Agenda (a package of reforms to remove regulatory red tape, to encourage entrepreneurship, innovation, competition and boost productivity of the economy) is coordinated by the Office of Competiveness of the Ministry of Economy and was initiated in August 2011. With the bulk of the measures having already been met, on Tuesday, February 7th, 2012, the Office of Competitiveness introduced ten new measures to extend the government’s commitment to ensure that development continues to reach Chile. According to the article, Pablo Longueira, the Minister of Economy, detailed each of the measures, including the seventh, “Re-launching the Chilean Lithium Industry,” which specifically addresses lithium by: “Unlocking its restrictions and implementing mechanisms to improve competitiveness within the industry, promote further investment and protect the country’s market-share and standing in the world lithium market.”
Li3 welcomes these initiatives and believes this represents a very positive step by the Chilean government in removing existing political uncertainty relating to how new lithium mining projects in the region will be permitted. Previous mining legislation did not allow for the exploitation of lithium and did not provide a clear mandate as to how the company could obtain the necessary Chilean permit to exploit the mineral. Li3 believes the auction of CEOLs will begin prior to the end of 2012 and, due to the advanced stage of development and the potentially competitive low-cost nature of its Maricunga Project, the Company believes it is in a strong position and has begun the necessary steps to participate in the tender process.
Li3 Energy CEO Luis Saenz said:
“It is reassuring to know that the Chilean government is being proactive in recognizing the need to address the existing laws by now allowing for new lithium projects to be developed and commercialized in Chile. With our flagship Maricunga Project, Li3 is currently developing one of the top lithium projects in the world and, upon commercialization, the company is confident that this asset will contribute to keeping Chile in the forefront of lithium production worldwide.”
Click here to read the Li3 Energy (OTCBB:,LIEG) press release
