Codelco offering $1.22/share for buyout, page-52

You are misinterpreting stage 2. The mining concessions covering LPI's new code LITIO tenements are wholly-owned by LPI with a written govt authorisation to apply for a CEOL. Codelco can JV with LPI using the LITIO tenements but none of the LITIO resource can be expropriated by Codelco. Codelco will have to use it's own resource from its own tenements in any JV. A possible trade-off for piggy-backing the Codelco CEOL could be joint use of LPI's off-salar land, water rights and DLE process OR Codelco aligns with SQM or ALB to T/O LPI. LPI fully owns stage 2.