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BEARING ANNOUNCES MOU WITH CODELCO TO JOINTLY DEVELOP THE MARICUNGA PROJECT Bearing Lithium Corp. joint venture company Minera Salar Blanco SA (MSB) has entered into a non-binding memorandum of understanding (MOU) with Chilean state-owned mining company Codelco. The MOU will define terms for the negotiation of a definitive agreement to form a new joint venture, allowing for the development of the Maricunga salar into a significant lithium brine producer.
Terms and details of the definitive agreement will be finalized in the coming months. The agreement will be subject to: mutual due diligence; detailed documentation; the establishment of a "NewCo" under Chilean corporate law; and the finalization of a NewCo shareholders agreement, among other conditions.
The Maricunga project is wholly owned and operated by Minera Salar Blanco, and Bearing holds an 18-per-cent interest in MSB, along with Minera Salar Blanco SpA at 31 per cent and Lithium Power International at 51 per cent.
Minera Salar Blanco's chief executive officer, Cristobal Garcia-Huidobro, commented: "The company is extremely pleased to reach this MOU with Codelco, following significant negotiations. The objective of the MOU is to define the terms for a definitive agreement to develop a joint project in the Maricunga salar under a public-private alliance model, which would allow it to become the third lithium producer in Chile."