Lack of funding support means junior requires recapitalisation and rescue
ASX-listed lithium stayer Lepidico has called in the administrators in a bid to keep its dream of developing its 80%-owned Karibib project in Namibia alive and its processing technology portfolio viable. The company, which had A$2.7 million in cash and $4 million in undrawn facilities at the start of the quarter, called a trading halt earlier this month to deliver an update on its strategic and bridge financing initiatives for Karibib.
New plan, same issuesLepidico decided to revise its plans to focus on a lepidolite concentrate development path, pushing back ambitions for a downstream chemical plant in Abu Dhabi and a vertically integrated project model.Managing director Joe Walsh said in late November that the company was close to securing the bridge finance needed to keep the operation ticking over until it could find a partner to fund the US$50 million Karibib mine and mineral concentrator development.
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