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Pursuit Minerals (ASX: PUR) has signed a memorandum of understanding (MoU) with South Korean battery materials group EcoPro Innovation for a proposed $US40 million ($A58m) investment and funding package to advance its Rio Grande Sur lithium project in Argentina.
The agreement provides a potential pathway towards financing the project’s first stage of development, combining equity investment, advance funding and a long-term lithium offtake arrangement.
Under the transaction, EcoPro Innovation would acquire a 20 per cent interest in Pursuit’s Argentine subsidiary, which holds the Rio Grande Sur project in Salta Province, through a $US20 million equity investment.
EcoPro would also provide up to $US20 million in advance funding and secure offtake for the project’s entire initial production of 5000 tonnes per annum of lithium carbonate equivalent (LCE).
The arrangement would allow Pursuit to retain majority ownership and operational control while introducing a strategic investor with established downstream lithium processing and battery materials capabilities.
However, the MoU is non-binding in relation to the proposed commercial arrangements, which remain subject to due diligence, definitive agreements and conditions precedent.
Pursuit managing director and chief executive officer Aaron Revelle described the agreement as a significant development milestone.
“This is a transformational milestone for Pursuit and a major step forward in our ambition to establish Rio Grande Sur as a significant new lithium producer in Argentina,” Revelle said.
“The proposed $US40 million investment and funding package, combined with long-term offtake for our entire initial production, has the potential to fundamentally strengthen our development and financing pathway.”
The proposed partnership is designed to complement third-party project debt financing, potentially establishing a funding structure for Stage 1 construction and commercial production.
For Pursuit, securing a major battery materials group as both a prospective investor and customer could strengthen the project’s commercial position as it seeks development capital.
EcoPro Innovation is part of South Korea’s EcoPro group, which operates across lithium processing, cathode materials and other rechargeable battery technologies.
EcoPro Innovation chief executive officer and president Yoon Tae (Anthony) Kim said the company had been evaluating upstream lithium investments to diversify its supply chain.
“Through our discussions with Pursuit and our preliminary review of the Rio Grande Sur project, we have been encouraged by the progress made to date and the potential of the project,” Kim said.
The companies also envisage a broader partnership as Pursuit evaluates opportunities to expand Rio Grande Sur beyond its initial production target.
The Rio Grande Sur project also benefits from its location within an established lithium production hub in Argentina’s Salta Province.
The project is adjacent to Rio Tinto’s Arcadium operations and near lithium developments operated by Eramet, Ganfeng and Lithium Argentina, providing proximity to existing infrastructure and established global supply chains.
This concentration of major producers reinforces the region’s status as a Tier-1 lithium jurisdiction and could offer development advantages as Pursuit advances Rio Grande Sur towards production.
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