Codelco acquires Lithium Power International Ltd. for A$385M
On March 14, 2024, Codelco completed its acquisition of Lithium Power International Ltd. ("LPI") for A$385 (US$244) million, marking its first lithium acquisition since being tasked by Chilean government to take control of the country's lithium industry. Codelco had previously announced the agreement to acquire LPI on October 17, 2023, which was listed in first place among the top five mining M&A deals of the week that ended on October 23rd in S&P Global Market Intelligence.
Codelco, based in Santiago, Chile, is a mining company that explores, develops, exploits, and processes mineral resources to produce refined copper and by-products.
LPI, headquartered in New South Wales, Australia, is a publicly-listed lithium company that owns and operates three mines in Australia and one mine in South America, including the Blanco project in the Maricunga salt flat in Chile.
McCarthy Tétrault acted as Canadian counsel to Codelco with a team led by Shawn Doyle that included Rebecca Ferguson, Peter Quon (Corporate) and Michael Caldecott (Competition/Antitrust).
