Azure Minerals (ASX: AZS) has announced that global lithium company Sociedad Química y Minera de Chile S.A. (SQM) has agreed to invest up to A$20 million to acquire a 19.99% interest in Azure.
This strategic investment by SQM is a strong endorsement of the lithium potential of the Andover Project and will provide Azure with strong support as they look to develop the Andover lithium assets.
SQM will provide Azure with technical expertise in pegmatite-hosted lithium exploration, project development, production and marketing, and will have the right to appoint a director to the board of Azure.
The funds raised through the investment will be used to accelerate lithium exploration on the Andover Project.