Power Minerals is advancing its Rincon lithium project in Argentina’s Salta province, with the Rincon joint venture (JV) entity set to be incorporated and $US4 million in funding from partner Navigate Energy.
The Rincon JV, a partnership between Power and Navigate Energy Technology, will operate through a newly incorporated Argentinian company.
Both parties hold foreign shareholder approvals, enabling legal ownership in the project company. Once formalised, Power’s Argentinian subsidiary will transfer the Rincon lithium project tenure into the JV, a pivotal step in unlocking the project’s potential.
“Completing the incorporation of the Rincon JV company and the transfer of the Rincon lithium brine mineral tenure enables the investment of $US4 million of Rincon project funding from Power’s JV partner Navigate Energy,” Power Minerals managing director said.
“With incorporation expected in the coming weeks, Power and Navigate Energy will action the development of a lithium brine pilot and early-stage project development activities. Completing incorporation and asset transfer confirms Power’s strong relationship with Navigate Energy and is a key step towards realising shareholder value from the project.”
The Rincon Project is the most advanced asset within Power’s Salta Lithium Project. It has a JORC 2012 mineral resource of 292,564 tonnes lithium carbonate equivalent (LCE) and a robust preliminary economic assessment.
Strategically located near Rio Tinto and Argosy Minerals’ Rincon projects, it will benefit from a freshwater source via the Pocitos Project, essential for lithium brine processing.
Following incorporation, the Rincon JV will develop a pilot plant to test lithium brine and tailor direct lithium extraction (DLE) technology. This milestone brings the project closer to production and strengthens its position in Argentina’s lithium triangle.
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