Maximus Resources has announced that Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) will continue its investment in the Lefroy Lithium Project.
This project, located 25km from Kambalda, Western Australia, is set to benefit from KOMIR’s commitment to funding lithium exploration as part of a JV agreement.
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The farm-in agreement, disclosed on 16 October 2023, involves KOMIR investing $3m (4.31bn won) to acquire a 30% stake in the JV with Maximus Resources.
This investment is aimed at advancing lithium exploration at the Lefroy Lithium Project. Under the agreement’s terms, KOMIR is obligated to fund at least $1m within the first year.
KOMIR will fund the remaining $2m of lithium exploration over the next two years.
In May 2024, Maximus Resources confirmed that the Australian Foreign Investment Review Board has granted a no objection notification for the proposed JV with KOMIR.
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By GlobalDataThis notification was issued without conditions under the Foreign Acquisitions and Takeovers Act 1975.
Maximus managing director Tim Wither said: “We are very pleased to continue the successful exploration programmes that the KOMIR partnership has completed to date and look forward to what the next two years can deliver. We started the partnership with no known spodumene intersection and now we have two advanced targets, with the Kandui target consistently delivering results over a significant area.
“The 2025 programmes will utilise additional geophysics data and advanced modelling targeting areas for potential thicker zones of the known pegmatites. This is a significant partnership for the company, allowing Maximus to tap into KOMIR expertise and is a strong endorsement of Maximus’ lithium prospects.”
KOMIR is a South Korean Government-owned entity tasked with promoting the sustainable development of mining activities, particularly in securing critical minerals for the Korean market.
With a history spanning more than 50 years, KOMIR plays a key role in supporting the country’s resource security through the development of both domestic and international mining operations.
