Core Viewpoint - Wealth Minerals Ltd. has entered into a joint venture agreement with the Quechua Indigenous Community of Ollagüe to develop the Kuska Lithium Project, emphasizing community participation and transparency in the mining process [1][2][5]. Company Overview - Wealth Minerals Ltd. is focused on the acquisition and development of lithium projects in South America, with interests in Canada and Chile [6]. - The company aims to capitalize on the increasing demand for lithium and other battery metals, positioning itself as a major beneficiary of the supply-demand mismatch in the industry [7]. Project Details - The Kuska Lithium Project is located in the Ollagüe Salar, Antofagasta region, northern Chile, and is currently 100% owned by Wealth Minerals [3]. - The maiden resource report estimates 741,000 tons of Lithium Carbonate Equivalent (LCE) indicated resources with an average lithium grade of 175 mg/L, and 701,000 tons of inferred resources grading 185 mg/L [3]. - A Preliminary Economic Assessment (PEA) indicates a potential output of 20,000 metric tons per annum (tpa) of LCE and a Life of Mine (LOM) of 20 years, with a Pre-Tax NPV of US$1.65 billion and an Internal Rate of Return (IRR) of 33% [3]. Regulatory Environment - The Government of Chile has approved the Ollagüe Salar as one of the prioritized locations for lithium project development, which will facilitate the Kuska Project's access to a special lithium operation contract [4]. Community Engagement - The joint venture structure allows the Quechua Indigenous Community to hold a 5% free-carried interest in the JV and one director seat, ensuring their involvement in decision-making and project management [2][5]. - The partnership is seen as a significant step for the community, allowing them to manage their territory and ensure environmental protection [5][6].
Wealth Minerals and the Quechua Indigenous Community of Ollague Sign Agreement to Jointly Develop the Kuska Lithium Project