International Lithium Corp. (ILC) has secured an option to acquire Lepidico Mauritius, which holds an 80% stake in the advanced Karibib lithium, rubidium, and caesium project in Namibia, from Lepidico Canada for C$975,000 ($702,100).
The transaction’s completion is conditional, primarily on the successful resolution of an arbitration dispute in Singapore between Lepidico’s Namibian subsidiary and Jiangxi Jinhui Lithium.
A decision is expected by October.
To secure the option, ILC has provided Lepidico Canada with a C$510,000 ($367,252) secured loan.
If ILC exercises the option, this loan amount plus interest will be applied toward the purchase price.
The Karibib project is a near-term asset featuring a definitive feasibility study, which was completed in 2020 and an updated resource estimate done in 2023.
It is recognised for its potential to be one of Africa’s most significant rubidium resources and holds substantial caesium mineralisation.
ILC has noted it will need to independently verify these “historical” estimates to comply with Canadian reporting standards after any acquisition.
“This potential acquisition marks a significant advancement for ILC globally, particularly in Southern Africa,” said ILC chairperson John Wisbey.
“With this single transaction for a project that reached the DFS stage under Jorc in 2020 and was upgraded in 2022, the company would leapfrog, by several years, the development stage of other projects we are interested in, including those in Zimbabwe.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
