Kidman Resources (ASX:KDR) has announced it has finalized and executed definitive agreements with Chilean miner SQM, regarding the 50-50 Mt Holland Joint Venture.
Mt Holland is an integrated lithium project situated in Western Australia.
Kidman will transfer a 50 per cent interest in the Mt Holland tenement for US$30M, while SQM will commit to sole fund US$80M of JV expenditure.
Kidman will retain sole marketing rights to its 50 per cent share of lithium production, with Managing Director Martin Donohue indicating it will greatly enhance funding optionality for the company.
Work has already commenced on developing the project, with a working group established to advance feasibility studies into the lithium refinery.
Shares in Kidman Resources (ASX:KDR) are trading 5.23% higher at $0.81.