Codelco wins shareholder approval to secure first lithium asset

Codelco, the world’s biggest copper producer, won approval to buy Lithium Power International after shareholders of the Australian junior voted in favor of a takeover that diversifies the Chilean miner’s portfolio of key energy transition metals.

Shareholders on Tuesday agreed almost unaninmously to greenlight the acquisition of the Sydney-based company in a deal that values it at A$385-million. The purchase is Codelco’s first in lithium as the state-owned firm targets Lithium Power’s project in the Maricunga salt flat of northern Chile.