LI3 Energy Inc (fka LIEG)

[RONGJIN]

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This initiative of Codelco emerged once the mining Ministry declared void last December the bidding of special contracts for the operation of lithium (Ceol), which had been awarded to the Chilean company Soquimich (SQM), that for years has a contract with the State to exploit lithium. CODELCO has several deposits of lithium in Atacama desert. Since the eighties of the last century, ore, of which Chile has large reserves, was declared "strategic" and by law the Government could not authorize its exploitation. But the Government of President Sebastián Piñera, based on a clause of the Constitution, called a tender, involving private Chilean and foreign companies in 2012. The concession was awarded to SQM, which finally breached part of the requirements, so the contract was canceled. Chile meets date 41 percent of global lithium demand and it is estimated that their exploitation is enough for 1,500 an...