Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO Simon Linge tells Proactive the company has signed a binding agreement to sell its remaining interest in the Lake Johnson Lithium Project to Charger Metals Ltd, bringing Charger's interest in the asset to 100%. LIT will receive $2 million in return for the sale and retains first right of refusual for an offtake agreement on commercial terms for up to 30% of lithium products produced from the project.
Linge said: “We are excited by the opportunity to engage with Charger Metals regarding the sale of Lithium Australia’s remaining holding in the Lake Johnston Lithium Project. As a significant shareholder of Charger, we are excited by the partnership between Rio Tinto and Charger and believe this provides a win-win outcome for all. The transaction reaffirms our commitment to focusing on our core operations, while aligning the company to its ESG ambitions."
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