Russia's Rosatom may buy controlling stake in Chile lithium project (updated)

Wealth Minerals

15/10/2019 12:38

(Adds details, context)
    MOSCOW, Oct 15 (Reuters) - Uranium One Group, a subsidiary
of Russia's state nuclear company Rosatom, may buy a controlling
stake in a lithium project in Chile from Canada-listed Wealth
Minerals Ltd  WML.V , Wealth Minerals said in a statement on
Tuesday.
    Rosatom, the world's biggest nuclear company by foreign
orders, offered Chile technology which, according to the Russian
company, can boost output of lithium, a key ingredient in
electric vehicle batteries, lobbyist transparency filings showed
in December.  urn:newsml:reuters.com:*:nL1N1YW0KX
    Wealth Minerals, the mineral resource company with focus on
lithium projects in South America, signed a memorandum of
understanding with Uranium One, it said in the statement. 
    The memorandum provides for the acquisition by Uranium One
of up to a 51% stake in Wealth Minerals's Atacama lithium
project in northern Chile on commercial terms to be agreed upon
by the parties, it added.
    Rosatom's interest in the South American nation's lithium
industry comes as electric automakers worldwide seek resources
for their batteries. Chile is the world's top copper producer
and the world's No. 2 producer of lithium - both metals critical
for the industry.

 (Reporting by Polina Devitt; Editing by Nick Macfie)
 ((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters
Messaging: polina.devitt.reuters.com@reuters.net))