News: LPI UPDATE 1-Australia's Lithium Power International to sell unit to Albemarle

(Adds details on deal in paragraph 2 and 4, quote in paragraph in 3)

June 19 (Reuters) - Australia's Lithium Power International (LPI) said on Monday that it will sell its wholly-owned unit Western Lithium to the Australian arm of U.S.-based Albemarle ALB.N for A$30 million ($20.64 million).

The lithium miner was already in the process of spinning its unit as a separate company, with the intention to list on the Australian stock exchange, according to a press statement.

"Despite the significant progress we had made towards an IPO of Western Lithium in the past months, this asset realisation will provide a significant uplift to the pre-money valuation of our Western Australia asset portfolio," said Cristobal Garcia-Huidobro, the company's CEO.

The company said that the divestment of Western Lithium will provide a positive cash balance to construct its flagship Maricunga lithium brine project in Chile. ($1 = 1.4533 Australian dollars)