AXcess News: POSCO to Invest in Pan American Lithium
14 January 2010 - 2:32AM
Marketwired
Korean steel producer POSCO looks to invest $5 million in Pan
American Lithium Corp. (TSX-V: PL), formerly Etna Resources, Inc.
(TSX-V: ETN), in keeping with POSCO CEO Joon-yang Chung saying the
steel producer would double investments in non-ferrous metals in
2010.
POSCO CEO Joon-yang Chung said during a signing ceremony in late
November for a letter of understanding relating to a magnesium
refinery business to be built in Gangwon Province South Korea,
"POSCO will be aggressively pursuing projects and future materials
like lithium as the new growth engines for the next generation of
the company."
The world's No.4 steelmaker said on Monday that it would double
spending in 2010.
POSCO will spend 10 trillion won ($8.9 billion) this year on
expanding its facilities and on acquisitions, the Korea Economic
Daily reported.
Etna Resources (TSX-V: ETN) changed its name to Pan American
Lithium Corp. (TSX-V: PL) on Tuesday, announcing terms of a $5
million Letter of Understanding with POSCO at the open of trading
in Toronto this morning.
The deal calls for POSCO to complete its due diligence on Etna
Resources' lithium properties within 30 days. The funding matches
the capital Etna would require to control the lithium recovery and
all other mineral production in a Phase One development of an
exploitable mineral brine recovery at the Cierro Prieto Geothermal
Plant, located 30 km south of Mexicali in Baja California, Mexico.
Etna Resources optioned the rights in the last quarter of 2009.
Total annual recoverable minerals is estimated at between $450 to
$500 million. The brines are recovered through 6 square miles of
existing sequential evaporation ponds, concentrating metals values
to roughly 11.7 times original salt content.
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