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Reuters: Peru president sees lithium, uranium laws passed in six months

  • Peru Pres. Vizcarra says his government likely will pass laws within six months needed to tap a new lithium and uranium deposit, Reuters reports, which would remove a major hurdle for Plateau Energy Metals’ (OTCQB:PLUUF) proposed $800M mine.
  • Plateau said last month it had found 2.5M metric tons of high-grade lithium resources and 124M lbs. of uranium resources at its Falchani deposit in southern Peru but said a lack of regulations on mining radioactive materials in Peru was an obstacle.
  • Lithium largely is concentrated in the lithium triangle between Bolivia, Chile and Argentina, but if Plateau can confirm the size of its discovery in reserves, it might attract companies such as Albemarle (NYSE:ALB) or China’s Tianqi Lithium to Peru.
  • Vizcarra also says he believes Newmont Mining’s (NYSE:NEM) Conga gold project and Southern Copper’s (NYSE:SCCO) proposed Tia Maria copper mine, both stalled by farmers’ protests, are not yet socially viable.

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