SQM has received approval to partner with Andrada Mining to develop the Lithium Ridge asset in Namibia. This marks SQM’s first venture into Africa, with plans to invest up to $40 million, significantly impacting local economic growth in the region.
Chile’s SQM (NYSE: SQM), a leading lithium producer, has secured regulatory approval in Namibia to establish a partnership with South Africa’s Andrada Mining (LON: ATM) for the development of the Lithium Ridge project. This agreement symbolizes SQM’s initial foray into the African market and aims to expedite the project’s progression, situated approximately 35 kilometers from the prominent Uis tin mine operated by Andrada.
SQM’s collaboration with Andrada Mining not only marks its entry into Africa but is also set to significantly boost economic development in the Erongo region of Namibia. The proposed $40 million investment by SQM underscores the importance of lithium resources in fostering local economies.
Original Source: www.mining.com
