CleanTech Lithium shares tumble as Chile fast-track bid is rejected
Shares in Aim-listed CleanTech Lithium plunged 31% on Monday after the Chilean Ministry of Mines rejected the company’s request to enter a streamlined process for a special lithium operating contract (CEOL) for its flagship Laguna Verde project.
The company confirmed that its appeal to access the fast-track CEOL allocation process had not been accepted, owing to technical criteria set by the Ministry. These include licence holdings within defined polygons and uniform definitions of financial capacity that must apply equally across all prioritised salars.
CleanTech Lithium said it would now pursue a public tender process instead.
“Despite this outcome, the company remains in close dialogue with the Ministry and will now pursue the public tender process for CEOL allocation,” said CEO Ignacio Mehech. “CleanTech Lithium believes it is best positioned to be awarded the CEOL for Laguna Verde and we will be keeping our stakeholders informed as we progress through the next stage of the application.”
The company noted it remained eligible to participate in the upcoming tender and expected further information following the conclusion of the Indigenous consultation process over the coming months.
CleanTech Lithium emphasised that it held the dominant licence position at Laguna Verde and that it was the only company to have conducted extensive exploration and technical studies at the salar. The company has invested more than $30-million in its Chilean operations to date and has established co-signed agreements with local Indigenous communities.
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