Martin Vizcarra, Peruvian President said Reuters that his government is likely to pass laws within 6 Months to drill new uranium and lithium deposits, clearing a major obstacle for Canadian mining miner, Plateau Energy Metals.
Plateau said in last month that 124 million pounds of uranium sources and 2.5 Million tons of high-quality lithium sources had identified in southern Peru at its Falchani deposit, and was looking for an associate in which it could become the largest lithium mine in the world.
But the company found a need of regulation on the exploitation of radioactive materials in Peru as a hindrance. Falchani’s lithium, a hard stone deposit, can only be extracted by extracting uranium.
Vizcarra said his Minister of Energy and Mines was already working on a legal framework for lithium and uranium extraction.
Vizcarra said that with the help of the precise mechanisms some, the project could be an important engine for development in the mountainous region of Puno, where the project is located at an altitude of more than 14,700 Feet. “If we can do that, this wealth will mainly benefit Puno,” he said.
Lithium is mainly concentrated in the triangle of Bolivia, Argentina, and Chile. But Plateau can confirm the extent of its discovery in the reserves; companies such as Tianqi Lithium Corp. of China and Albemarle Corp., based in the United States, can be attracted Peru.
Vizcarra, former governor of a copper region covers took over the charge four months back after Pedro Pablo Kuczynski, an ex-Wall Street banker, resigned from the position to avoid indictment in a scandal.
Vizcarra said he would study Kuczynski’s proposed project next year, but said he would work with a combination of public and private funding.