MSB owns the Maricunga lithium and potash project at the Maricunga salar (salt flat), and obtained approval for the project in February 2020.

The Maricunga project is in its first stage with a nameplate capacity of 15,000t/y of high purity lithium carbonate over a 20-year life of mine. MSB stated that the project has significant future expansion potential from subsequent stages to be developed over the other part of the mining concessions owned by the company.

The strategic alliance with Mitsui includes potential off-take and funding rights for the Stage One of the Maricunga project; potential participation, off-take and funding rights for future expansions of the project; and further strategic collaboration for new developments in Chile, based on new technology related to direct lithium extraction (DLE) that is currently being studied and tested.

Cristobal Garcia-Huidobro, CEO of MSB parent company Lithium Power International, commented: "We are incredibly pleased to have reached a mutually beneficial MOU with Mitsui. The MOU is comprehensive, and it sets a framework for the Stage One of the project development to proceed with the backing of a world-renowned partner. We look forward to finalising the definitive agreements with Mitsui and working with them on mutually beneficial lithium projects and positive outcomes for the Chilean lithium industry."