PAM Signs Formal Documentation to Acquire 100% Interest in 1200 km2 Tama Atacama Lithium Brine Project
The news of a massive investment into the development of lithium resources has been making headlines lately. In what is a major deal, the globally-renowned PAM Corporation has announced that they have signed formal documentation to acquire a 100% interest in the huge 1,200 km2 Tama Atacama Lithium Brine project located in Chile’s far north. This deal is yet another major move for one of the world’s largest mining companies and it is set to bring major growth in the future.
The Tama Atacama project currently consists of lithium deposits that have been discovered in 2020 and 2019 and are connected to their main Las Blancas lithium project. It marks the first-time that PAM has ever operated in Chile and it is a proof of the company’s high confidence in the project, as well as their ambition to expand its global operations.
The deal will now allow PAM to explore the potential of the resource that can be produced from the Tama Atacama project. It includes committing of up to USD$25 million to the project, comprising of USD$2.5 million in direct investments and USD$20 million for exploration activities. This is part of the company’s ongoing commitment towards generating long-term value for their stakeholders.
The Tama Atacama project has the potential to become one of the largest mineral resource extraction operations of its kind in the world. This is due to the fact that the region holds anomalous high grade lithium-bearing brines, identified at up to 740 mg/l and deeper aquifer potential that could exceed 1250 mg/l.
This new step also strengthens PAM’s already dominant presence in the resource extraction market. They are currently valued at USD$4.3 billion and are the world’s largest producer of cobalt, as well as one of the world’s largest producers of copper and nickel ore.
“This acquisition marks our first venture into Chile’s mineral industry and is a major milestone for PAM. We are confident that the Tama Atacama project will be a major asset to the company and will significantly contribute to our long-term goals. With the acquisition, PAM strengthens our position in the global resources market and further cements our commitment to developing sustainable resources”, said PAM’s CEO, Willie Walsh.
The execution of the agreement reflects PAM’s confidence in their operation of the Tama Atacama project. In doing so, they have laid the groundwork for mining a valuable resource in the future and will continue to move toward more sustainable operations throughout the region. This is set to lead the way towards the development of other major mining projects in footwear regions in the future.
