Azure Minerals (ASX: AZS) has announced global lithium company Sociedad QuĂmica y Minera de Chile S.A., via its wholly-owned subsidiary SQM Australia, has completed a two-stage transaction in which it acquired a 19.99% interest in Azure for a total of $20M.
Azure Minerals says the strategic investment by SQM is a strong endorsement of the lithium potential of the Andover Project and will support the company's accelerated lithium exploration and development program.
It also says the investment will fund exploration and mine development studies on the Andover and Ridgeline Deposits, as well as lithium-focused diamond core drilling.
Azure Minerals' share price was up 3.57% at 3:30pm AEST.