12:40 PM EDT, 07/08/2024 (MT Newswires) -- Hot Chili ( HHLKF ) Monday said it formed Huasco Water, a new joint-venture water company 80% owned by Hot Chili ( HHLKF ) and 20% held by Compania Minera del Pacifico, to supply both sea water and desalinated water to the Huasco Valley region of Chile, one of the world's driest regions.

The Huasco Valley is located in the Atacama region - one of the most water stressed regions of the world and where Hot Chili ( HHLKF ) has outlined approximately 3,700 l/s of potential future desalinated water demand from new mine developments, as well as community and industrial demand.

"Transfer of water assets previously held by (Sociedad Minera El Aguila) into Huasco Water has commenced and the new water company will soon hold the only active granted maritime water concession and most of the necessary permits to provide non-continental water supply to the Huasco Valley, following over a decade of permitting advance for Hot Chili's ( HHLKF ) coastal range, Costa Fuego copper-gold project," the company said.

The company's shares were last seen up $0.02 to $0.90 on the TSX Venture Exchange.

Price: 0.90, Change: +0.02, Percent Change: +2.27