Australia’s Lithium Energy Limited (ASX: LEL) announced on Wednesday that it has received final environmental impact assessment (EIA) approval for the next phase of exploration and evaluation at its Solaroz lithium brine project in Argentina.
The approval covers the Central and Northern blocks of the project, which hold the majority of Solaroz’s lithium resources and will be the focal point of upcoming development activities.
This milestone aligns with Lithium Energy’s previously announced agreement to sell its entire stake in Solaroz to CNGR Netherlands New Energy Technology (CNNET) for $63 million (approximately A$100 million) in cash.
As part of the agreement, CNNET has committed to funding local operations and the next stages of development at Solaroz. Additionally, CNNET will provide up to $15 million (A$24 million) in loan funding to support the project’s advancement.
Both companies are collaborating on a work program that aligns with the approved environmental assessment to facilitate the next steps in development.
Situated in northwestern Argentina, the Solaroz project lies within South America’s Lithium Triangle, a region renowned for hosting some of the world’s largest lithium brine deposits.
Beyond Solaroz, Lithium Energy also holds the Burke graphite project in Queensland, Australia.