SANTIAGO, Oct 17 (Reuters) - Chile state miner Codelco , the world's largest copper producer, has reached a deal to buy Lithium Power International for 385 million Australian dollars (around $244 million), the companies said on Tuesday.

The deal comprises a cash offer of 0.57 Australian dollars per share for the Australian firm, which owns Chile's Blanco project in the Maricunga salt flat, near Codelco's own properties.

($1 = 1.5711 Australian dollars) (Reporting by Natalia Ramos; Editing by Valentine Hilaire)