Local explorers Lithium Australia and Lepidico have settled an intellectual property dispute on mutual grounds, with the terms undisclosed.
Lithium said today while the details of the settlement were confidential, it was able to disclose that three L-Max licence agreements it has with Lepidico remained valid.
It also said that the two companies have agreed that Lithium’s wholly-owned Sileach process was not an improvement, enhancement or modification of Lepidico’s L-Max process.
“We are pleased with the outcome which allows Lithium Australia to pursue its strategy of building a global lithium business without unnecessary distractions or legal impediments,” Lithium managing director Adrian Griffin said.
“We can now continue with the business of delivering further positive results for our shareholders.”
Lithium has also made a proposal to acquire Lepidico, which valued the target at $23.8 million.
Lithium shares closed 17.2 per cent higher to 17 cents each, while Lepidico shares were 6.6 per cent lower to 1.4 cents.