- Wealth Minerals (OTCQB: WMLLF) has signed a Memorandum of Understanding (MOU) with Voith Hydro to develop the Pabellón Lithium Project in Chile.
- Voith Hydro will acquire a 5% stake in the project, with the remaining 95% held by Kuska Minerals SpA, 95% owned by Wealth Minerals and 5% by the Quechua Indigenous Community of Ollagüe (CIQO).
- The partnership aims to secure a Special Lithium Operating Contract (CEOL) and potentially develop Direct Lithium Extraction technology at the Cerro Pabellón thermal power station.
Wealth Minerals Ltd. (OTCQB: WMLLF), a mineral resource company with interests in Canada and Chile, has entered into a Memorandum of Understanding (MOU) with Voith Hydro Holding GmbH & Co KG (Voith Hydro). This collaboration aims to jointly develop the Pabellón Lithium Project located in Chile, a strategic move to enhance lithium extraction capabilities in the region.
Under this agreement, Voith Hydro will obtain a 5% equity interest in the project through a newly formed joint venture structure. The Pabellón Lithium Project will be managed by Kuska Minerals SpA, with Wealth Minerals retaining a 95% stake, while the Quechua Indigenous Community of Ollagüe (CIQO) holds the remaining 5%. This structure underscores the inclusion of indigenous communities as partners in natural resource projects.
Voith Hydro, recognized for its expertise in energy systems, will leverage its partnerships and technical know-how to pursue a Special Lithium Operating Contract (CEOL) required for lithium recovery operations. This contract is crucial for developing a lithium recovery circuit at the existing Cerro Pabellón thermal power station or establishing a separate lithium extraction facility.
The use of Direct Lithium Extraction (DLE) technology is proposed for the project, although specific implementation details remain undisclosed. The signing of this MOU marks a significant step in the potential expansion of lithium production capabilities in Chile, aligning with global trends towards renewable energy solutions and the increasing demand for battery metals.
Wealth Minerals CEO Hendrik van Alphen expressed optimism about the partnership, highlighting the inclusion of the CIQO and the technological prowess Voith Hydro brings to the table. Voith Hydro CEO Jan Lüder echoed this sentiment, expressing readiness to contribute to Chile's renewable energy transition.
