iTech Minerals' strategic partnership announcement

iTech Minerals (ASX:ITM) has entered into a partnership with Sociedad Química y Minera de Chile (SQM) to develop the Reynolds Range Lithium Project in Australia's Northern Territory. The agreement grants SQM initial rights to 30% of the lithium mineral interests for A$2 million and potential to increase their stake with further investment.

Strategic collaboration details and future outlook

iTech Minerals has partnered with SQM, a leading lithium chemical producer, to develop its Reynolds Range Lithium Project. Through a binding Memorandum of Understanding, SQM will initially acquire a 30% stake in the project's lithium rights for A$2 million, with options to expand its interest to 70% by contributing a total of A$22 million over 4.5 years. This collaboration leverages SQM's technical and financial resources, enhancing project development prospects while allowing iTech to focus on other mineral opportunities within the area. The project, located near Alice Springs, boasts high-grade lithium oxide pegmatites and is well-positioned for future growth in the lithium market. The deal underscores iTech's strategy to optimize its asset portfolio and maximize shareholder value through strategic partnerships.

Insights from iTech Minerals leadership

We are excited about the potential this partnership has to bring value to the Reynolds Range Project. Collaborating with an industry leader like SQM will allow us to efficiently explore and develop the lithium potential in the area,' said Michael Schwarz, Managing Director of iTech.