Iondrive to tap South Korea’s lithium potential with new JV deal
Melbourne, Victoria
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November 22, 2023 03:45 PM Eastern Standard Time
Iondrive Ltd (ASX: ION) managing director Robert Smillie speaks with Proactive following the news the company has inked an earn-in and joint venture deal with a subsidiary of KoBold Metals Company on its lithium projects in South Korea. KoBold can earn a 75% interest in Iondrive’s greenfield Samguen, Seobyeok, Danyang, Seosan and Cheongpyeong lithium projects through a two-stage earn-in of $7 million over 5 years. KoBold must spend a minimum of $A500,000 in the first 18 months before being able to withdraw from the agreement.
"I am very pleased that the agreement also allows for future collaborative lithium exploration, leveraging ION’s extensive geological database and KoBold’s exploration expertise," Smillie said. "This new partnership holds great promise for harnessing South Korea's lithium resources and is an important pathway forward for ourstated strategy of focusing on minerals critical to the clean energy transition, together with the commercialisation of ION’s next-generation battery technologies.”
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Proactive Investors
Jonathan Jackson
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