Pan Asia Metals signs agreements to acquire Chile's major lithium brine project

Singapore’s Pan Asia Metals (PAM) has secured options to acquire Chile’s Tama Atacama lithium brine project, one of South America’s largest lithium resources, spanning 120,000 hectares with high lithium concentrations. Multiple structured option payments in the next 5 years are involved in the acquisition.

Geophysics and drilling activities at the project are scheduled to commence in early 2024. PAM is discussing with potential strategic partners and expects to communicate with Chilean government who has recently established a new state-controlled lithium partnership that combines assets from the state-run Codelco and leading private miner SQM within Chile.

Regarding the production, PAM expresses intention to use straight evaporation or a DLE-evaporation hybrid lithium extraction model to achieve sustainability goals. In addition, PAM intends to halt the plans for the Hilix Lithium Clay Project at the same location due to its restrictive conditions of transportation and energy infrastructure.