Lepidico looks at Portuguese options

PERTH (miningweekly.com) – Takeover target Lepidico has signed a binding term sheet with Grupo Mota over the Alvarrões lepidolite mine, in Portugal.

Under the terms of the agreement, Lepidico will spend a minimum of €250 000 on exploration and drilling at Alvarrões over an 18-month period. Exploration will include the evaluation of material from waste dumps, tailings and mine spill.

Lepidico will aim to delineate a Joint Ore Reserves Committee-compliant mineral resource as potential feed for future L-Max processing facilities.

Lepidico is the owner and developer of the hydrometallurgical L-Max process, which involves the direct atmospheric leaching of lithium mica, and impurity removal stages with subsequent lithium carbonate precipitation. Unlike other lithium extraction processes, L-Max does not require large tracts of land for evaporation ponds. It also eliminates the need for costly pyrometallurgical processing.

“The company is very much looking forward to working with Grupo Mota, one of Europe’s most highly respected and long-established ceramic industry suppliers. With successful exploration at Alvarrões, we hope to identify significant additional feed material for our future L-Max facilities and Grupo Mota’s ceramics business,” said Lepidico MD Joe Walsh.

Lepidico is currently the target of a takeover offer from fellow-listed Lithium Australia, which is offering one of its own shares for every 13 Lepidico shares held.

Lepidico has urged shareholders not to take any action on the unsolicited bid.