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US Government Funding Update
Jindalee Lithium Limited (Jindalee, the Company) advised that it had lodged applications for non-dilutive grant funding with both the Department of Defense (DoD) and the Department of Energy (DoE) (Battery Manufacturing and Recycling Grant)1.
- Application for near-term grant funding from Department of Defense progressing, initial application for longer-term grant funding from Department of Energy unsuccessful
The DoD grant application is designed to provide near-term funding for an accelerated Feasibility Study and associated drilling and testwork at the Company’s McDermitt Lithium Project (currently the largest lithium deposit in the US2), whilst the DoE grant application was for longer-term funding for engineering, procurement, construction and development of a lithium processing facility at McDermitt following completion of the Feasibility Study.
Jindalee has been advised that the current DoE grant application was not successful; however, the DoD grant application remains on foot and the Company is currently preparing additional information to support the application, with any potential award decision expected in the December quarter 2024.
Importantly, the Company continues to remain eligible for funding support from a range of US Government agencies, including the DoE, as the US looks to incentivise domestic production of critical minerals essential for electrifying the nation’s economy.
Authorised for release by the Jindalee Board of Directors.
Click here for the full ASX Release
This article includes content from Jindalee Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Jindalee Lithium
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt project. Jindalee recognises the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.
As the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. With its favorable mining policies and infrastructure, the US actively supports the advancement of new projects to strengthen its domestic supply chain.Jindalee’s McDermitt asset, located in southeast Oregon, contains a unique type of lithium mineralisation. Most lithium projects in North America are lithium brine or pegmatite deposits; however, the McDermitt project is an unconventional sediment-hosted lithium asset.
Sediment-hosted lithium deposits such as McDermitt are long-life assets with low strip ratios and low mining costs. Jindalee can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.
There is currently no commercially operating sediment-hosted lithium project in North America. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.
The 2023 mineral resources estimate (MRE) for McDermitt contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 million tons (Mt) lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the US by contained lithium in mineral resource, and a globally significant resource, with the deposit remaining open to the west and south.
In June 2023, Jindalee commenced a pre-feasibility study (PFS) on the McDermitt Lithium Project appointing Fluor Corporation as lead engineer. The company expects completion of the PFS by mid-2024. Jindalee also announced initial metallurgical results from acid leaching of the beneficiated samples of McDermitt ore. Lithium extraction from composite samples averaged 93 percent (250 micron (µm)) and 94 percent (75 µm) while lithium extraction from all units exceeded 98 percent with higher acid additions.
In a move that signifies the US government's support of the McDermitt lithium project, the US Department of Energy's Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee's subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt project. The Ames National Laboratory spearhead the DOE's Critical Materials Innovation Hub
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalise on the potential of its assets.
Company Highlights
- Jindalee Lithium is a pure-play lithium exploration and development company focusing on its flagship McDermitt lithium project, currently the largest lithium deposit in North America.
- The United States has ambitious electrification goals but lacks the critical minerals to reach them. Jindalee aims to strengthen the North American supply chain to enable the country to reach net-zero emissions targets.
- Globally, most of the lithium is currently sourced from either pegmatite or lithium brine deposits. The company’s McDermitt deposit, however, is sediment-hosted, an emerging style of lithium deposit with the potential to be a long-life, low-cost source of lithium.
- There are presently no sediment-hosted lithium assets in North America that have reached production. Jindalee is ideally positioned to help fill this void in the market.
- Other companies in North America are moving towards production, and their progress indicates Jindalee’s future trajectory.
- An experienced management team leads Jindalee towards capitalising on the potential of its assets.
Key Project
McDermitt Lithium Project
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera. Following positive results from its 2022 drill campaign, the resource at McDermitt has increased to 21.5 Mt LCE, making McDermitt the largest lithium deposit in North America.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium. The updated resource released by the company contains a combined indicated and inferred total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
- Memorandum of Understanding (MOU) with POSCO Holdings: Jindalee entered into an MOU with POSCO Holdings (NYSE:PKX), under which POSCO will fund metallurgical testwork on McDermitt ore and undertake joint research for the asset. POSCO is partnering with General Motors to supply cathode active material (including lithium) for its electric vehicles.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Highly encouraging metallurgical testwork: Results from beneficiation and acid leaching tests have exceeded expectations. Beneficiation testwork completed in late 2023 (on sample representing a nominal life-of-mine average feed) recovered 92 percent of the lithium to leach feed and rejected 25.3 percent of the mass at a cut size of 250 µm. Additionally the acid leach test work announced in early 2024 demonstrated very high lithium extraction rates on beneficiated ore. Specifically, the calculated lithium extraction for a composite sample using 250 µm leach feed was 92.9 percent which compares favourably with the extraction rate (94 percent) achieved through testwork from the finer (75 µm) leach feed using 500 kg/t acid. Further testwork is now underway.
- PFS in progress: Jindalee has appointed Fluor Corporation to commence the PFS for McDermitt, set to be completed by mid-2024.
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro Limited (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Hastings Technology Metals (ASX:HAS). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.
Carly Terzanidis - Company Secretary
Carly Terzanidis has 20 years of prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Terzanidis’ recent experience has been in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources (ASX:ALY), Kalamazoo Resources (ASX:KZR) and Viridis Mining and Minerals (ASX:VMM). Terzanidis holds a Bachelor of Commerce with majors in Accounting and Corporate Administration and a Graduate Diploma in Applied Corporate Governance.
Inside Billionaire Gina Rinehart's Key Mining Investments (Updated 2024)
Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.
After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.
One of those investments is Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), which even in a low price environment for rare earths has managed to secure nearly AU$1.5 billion in debt financing and is, as of September 2024, confidently embarking on a AU$1.2 billion equity financing to advance its Nolans project in the Northern Territory. With a 10 percent equity stake, Rinehart’s Hancock Prospecting is Arafura's largest shareholder.
Who is Gina Rinehart?
Mining magnate Gina Rinehart is the richest person in Australia and one of the world’s richest women. She is the daughter of Australian mining mogul and Hancock Prospecting founder, the late Lang Hancock. As the current executive chair of Hancock Prospecting, Rinehart won the inaugural Lifetime Achievement Award from CEO Magazine in 2019.
Rinehart was appointed as an Officer of the Order of Australia in 2022 for her “distinguished service to the mining sector, to the community through philanthropic initiatives, and to sport as a patron.”
How did Gina Rinehart get rich?
Gina Rinehart inherited Hancock Prospecting after her father’s passing in 1992. The following year, Gina Rinehart’s company acquired the Roy Hill tenements. Centering the massive project as the cornerstone of the company, Hancock Prospecting has greatly benefited from the iron ore market boom that began in the early 2000s.
Today, Roy Hill is Australia’s largest iron ore mine, producing 60 million tonnes of iron ore per year. The mine was recently approved to increase its annual production to 70 million tonnes. Success at Roy Hill has made Hancock Prospecting Australia’s most valuable private company, worth an estimated AU$15.6 billion.
As with many of the world’s most successful billionaires, Gina Rinehart has developed an investment strategy based on strategic partnerships as well as diversification to mitigate risk and build value. Under her leadership, Hancock Prospecting Pty Limited (HPPL) as well as the HPPL Group of companies has expanded into some of the world’s most economically important markets, such as real estate, agriculture, energy and critical metals.
What mining companies does Gina Rinehart own?
Through her company Hancock Prospecting, Gina Rinehart owns interest in mining companies across many sectors, including iron ore, lithium, rare earths, copper, oil and gas, as well as potash. While much of her investment portfolio is focused on Australia and ASX companies, Rinehart is actively strengthening the geographical diversification of her investments.
In recent years, Rinehart has made a series of key investments in mining companies, especially targeting critical metals projects in Germany, Brazil, Ecuador and the United States. These include exploration-stage firms such as Titan Minerals (ASX:TTM) and Azure Minerals as well as producers such as Atlas Iron and MP Materials.
Where does Hancock Prospecting mine iron?
Vehicles hauling ore at Roy Hill iron ore mine.
Photo of Roy Hill iron ore mine via Roy Hill.
Hancock Prospecting’s Roy Hill and Hope Downs iron ore mines are located in the resource rich Pilbara region of Western Australia.
Roy Hill has attracted strategic partnerships with major global enterprises: Marubeni (TSE:8002) with a 15 percent equity stake; POSCO (NYSE:PKX,KRX:005490) holds a 12.5 percent stake; and China Steel Corporation (TPE:2002) has a 2.5 percent equity position. The minority partners purchase a combined 28.75 million tonnes of iron ore annually from Roy Hill’s production.
This September, Hancock Prospecting got the green light for its AU$600 million McPhee iron mine located about 100 kilometres north of the Roy Hill mine after a long approval process. The McPhee iron mine is expected to produce around 10 million tonnes of the metal each year over an estimated 15-year mine life. First production is expected to kick off next year, and ore will be transported by road trains to Roy Hill for processing and blending. The goal is to improve the larger mine's product mix and sustain its production volumes.
The Hope Downs iron ore complex is another of Australia’s largest iron ore projects. A 50/50 joint venture partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Hope Downs hosts four open-pit mines and has an annual production capacity of 47 million tonnes. Hope Downs has also been the subject of a more than decade-long civil dispute in a Western Australian court over royalties, put forth by the descendants of Lang Hancock's business partner Peter Wright as well as Rinehart’s own children. A judgment in the case is expected this year.
Gina Rinehart’s iron ore investments
Gina Rinehart’s iron ore investments in Western Australia extend beyond Roy Hill and Hill Downs to its subsidiary Atlas Iron’s three producing mines and a pipeline of development projects, as well as an earn-in agreement on Legacy Iron Ore (ASX:LCY) and Hawthorn Resources’ (ASX:HAW) Mt Bevan project through its subsidiary Hancock Magnetite Holdings.
Rinehart’s Hancock Prospecting acquired Atlas Iron in 2018 through a AU$427 million deal that turned out to be dirt cheap as the company would go on to deliver AU$1.5 billion in revenues over the next three years alone.
Today, Atlas Mines operates the Mt Webber, Sanjiv Ridge and Miralga Creek mines. Production from these mines in its fiscal year ended June 2023 led to a AU$222 million dividend payment for Rinehart’s Hancock Prospecting.
At Mt Bevan, as part of its earn-in agreement, Hancock completed a prefeasibility study( PFS) for a 12 million tonne per year high-grade magnetite project in July of this year. The PFS incorporated a mineral resource estimate totalling 1,291 million tonnes, which was completed by Atlas, and delineates a capital cost of AU$5 billion to develop the potential Mt Bevan mine.
Completion of the PFS increased Hancock’s stake in the JV ownership from 30 percent to 51 percent with Legacy now holding 29.4 percent and Hawthorn 19.6 percent.
Like iron, coal is another essential material in steel manufacturing. To this end, Rinehart is also pursuing an investment in a past-producing metallurgical coal mine in Alberta, Canada. Hancock Prospecting subsidiary Northback Holdings is the owner of the proposed Grassy Mountain steelmaking coal project in the province’s Crowsnest Pass region. Northback is awaiting approval of its exploration licenses for the project.
Gina Rinehart’s lithium investments
Gina Rinehart's lithium investments include Azure Minerals’ Andover lithium project, Liontown Resources, Delta Lithium (ASX:DLI) and Vulcan Energy Resources (ASX:VUL). The majority of her lithium investments have came in a flurry over the past year.
In June 2023, Rinehart’s Hancock Prospecting signed a separate joint venture earn-in agreement for the Mt Bevan magnetite project, which is discussed above, this time for the lithium, nickel and copper mineralization at the project. The agreement will similarly see Hancock able to earn a 51 percent interest by completing certain milestones.
Last September, Rinehart made headlines when she took a position in Liontown Resources and then rapidly increased the position to 19.9 percent over the following month. This allowed Hancock, which was now Liontown's largest shareholder, to effectively block Albemarle’s (NYSE:ALB) accepted takeover of the smaller lithium company.
However, since then, Liontown’s stock has taken a hit as the economics for its near-production Kathleen Valley lithium project in Western Australia have been damaged by the effects of high inflation and low lithium prices. Ultimately, in January, Albemarle decided to sell off its 4 percent stake in Liontown Resources. The lack of any further moves or comment by Rinehart in relation to Liontown Resources has led to speculation she may be waiting for the right opportunity to buy up the lithium company at a discount.
Kathleen Valley entered production in late July 2024, and is expected to produce approximately 500,000 MT per year of spodumene concentrate by the end of Q1 2025.
That wasn't the only lithium bid Rinehart blocked last October. As is her strategy, Rinehart scooped up an 18.9 percent stake in Azure Minerals last year after SQM announced its intention for a total takeover of the company and its Andover lithium project in the West Pilbara region of Western Australia. This story had a different ending, though, as Hancock Prospecting instead joined the lithium giant in a AU$1.7 billion deal to become a co-owner of the exploration-stage Andover project, which also hosts nickel, copper and cobalt mineralisation. The deal closed in May.
Shortly after its Liontown and Azure moves last year, Hancock Prospecting continued investing in Western Australia's lithium prospects when it participated in a AU$70.2 million fundraising for Delta Lithium in November. The proceeds of the fundraising will help Delta Lithium to fund the development of its Mt Ida lithium-gold project, which is adjacent to Hancock's Mt Bevan joint venture project, through to a final investment decision. As of August 2024, Hancock Prospect owns 10.7 percent of Delta Lithium.
Rinehart has made lithium investments outside of Australia as well. Looking further afield to Germany, with a 7.5 percent stake, Hancock Prospecting is the second largest shareholder in Vulcan Energy and its flagship Zero Carbon lithium project in Germany’s Upper Rhine Valley, a milestone Rinehart's company reached after investing an additional AU$20 million in Vulcan, which made headlines in June. The Zero Carbon project is slated to produce an initial 24,000 tonnes of lithium hydroxide by the end of 2025, targeting Europe’s electric vehicle manufacturing sector.
In August 2024, Vulcan Energy reached another major milestone with the start of commissioning at its downstream lithium hydroxide optimisation plant, which will produce lithium hydroxide and first production of battery-grade lithium hydroxide monohydrate.
Gina Rinehart’s rare earths investments
Facilities at MP Materials' Mountain Pass rare earths mine.
clayton harrison / Shutterstock
Through Hancock Prospecting, Gina Rinehart has recently made investments in some of the world’s most well known rare earths producing companies — US-based MP Materials and Australia’s Lynas Rare Earths — as well as development-stage Arafura Rare Earths and exploration-stage Brazilian Rare Earths (ASX:BRE). Rinehart taking a position in these rare earths companies shows she is looking to capitalise on the significant need for these critical metals outside of China.
As mentioned in the introduction to this article, Rinehart’s Hancock Prospecting is the largest shareholder of Arafura Rare Earths, giving it a 10 percent stake in the advanced-stage Nolans project in the Northern Territory. Rinehart made the investment in December 2022.
In April of this year, Rinehart made two significant moves into the sector. The first came on April 9, when it was revealed that Hancock Prospecting had acquired a 5.3 percent stake in MP Materials, the second largest rare earths producer outside of China. The company’s California-based Mountain Pass mine is the only integrated rare earth mining and processing operation in North America.
Rinehart’s investment in MP Materials could later bring in “Roy Hill-type cash flow,” Dylan Kelly, head analyst at Terra Capital, told Australian Financial Review. “Anything that is producing and not China-aligned is highly strategic. These materials are very, very hard to make and there’s a lot of demand in making magnets for electric vehicles and wind turbines."
One week later, Rinehart’s Hancock Prospecting also took up a 5.82 percent interest in Lynas Rare Earths, the largest ex-China rare earths producer. The Australian rare earths miner produces the critical metals at its Mount Weld mine in Western Australia and ships the raw material to Malaysia for processing. Lynas is also ramping up processing at its Kalgoorlie rare earth processing facility in Australia, and building light rare earths processing facilities and a heavy rare earths separation facility in Texas, US.
Rinehart’s near simultaneous investments in both Lynas and MP Materials comes after merger talks between the two rare earths behemoths stalled in February. There is speculation stirring that Rinehart’s participation could renew merger discussions, Reuters reported.
Andy Forster, Lynas investor and senior investor of Argo Investments, had his interest piqued by Rinehart’s move "given she's clearly made a play across the whole space. She obviously wants to potentially have a seat at the table if there's any chance of consolidation."
Rinehart is also getting her foot in the rare earths door at the exploration level. Last year, Rinehart’s Hancock Prospecting made a pre-IPO investment for a 5.85 percent share in Brazilian Rare Earths, which went on to list on the ASX in December. The rare earths explorer is working its district-scale Rocha da Rocha rare earth province in the state of Bahia, Brazil. The province is highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides found. The company expects to complete an updated JORC mineral resource estimate this year.
Gina Rinehart’s copper investments
Gina Rinehart’s copper investments are centered on Ecuador’s Andean copper-gold belt, and include explorer Titan Minerals and Ecuador's state-owned Empresa Nacional Minera (ENAMI).
Ecuador has seen a rush of major mining companies taking up positions in key copper and gold projects in recent years, placing Hancock Prospecting in the company of Barrick Gold (TSX:ABX,NYSE:GOLD), Zijin Mining (HKEX:2899) and Anglo American (LSE:AAL,OTCQX:AAUKF).
Rinehart’s Ecuadorian copper investments are in line with her shift toward the critical metals necessary for the green transition and her strategy to expand the global footprint of her mining empire.
Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining has been in the region since 2017, but recently began making more investments. In March 2024, Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining acquired a 49 percent stake in six mining concessions for AU$186.4 million. The deal sees it partner with state mining company ENAMI for the concessions, which surround the stalled Llurimagua copper-molybdenum project in Northern Ecuador.
In late April, Ecuador’s constitutional court nixed appeals by ENAMI and its partner in the Llurimagua project, Chile’s state-owned CODELCO, to review the March 2023 decision by Imbabura’s provincial supreme court suspending the environmental license for Llurimagua.
Shortly after the investment with ENAMI, Rinehart's Hanrine made another play in Ecuador by striking an earn-in agreement with Titan Minerals for up to an 80 percent ownership stake in the explorer’s Linderos copper-gold project contingent on up to AU$120 million in exploration spending. Linderos is an early-exploration stage project with the potential to host a large-scale copper porphyry system. Hanrine has made an initial investment of AU$2 million for a 5 percent stake.
Gina Rinehart’s oil and gas investments
Gina Rinehart’s oil and gas investments include private firms Warrego Energy in Western Australia and Senex Energy in Queensland.
In February 2023, Hancock Prospecting won a protracted bidding war for the then-public Warrego with Warrego's joint venture partner Strike Energy (ASX:STX) for a price of AU$0.36 per share. Warrego and operator Strike Energy maintain their 50/50 joint venture on the West Erregulla onshore gas field within exploration permit EP 469 near Perth in WA.
In mid-August 2024, the West Erregulla project received its production licence and the partners expect to start operations once a final investment decision is made later this year. During phase one, the project is expected to produce 87 terajoules per day.
As for Senex Energy, it is a joint venture between POSCO (50.1 percent) and Hancock Prospecting subsidiary Hancock Energy (49.9 percent) that holds the Atlas and Roma North natural gas developments in Queensland’s Surat Basin. The two JV partners acquired Senex in 2022, with Rinehart’s company putting up AU$440.89 million.
Senex Energy is embarking on a AU$1 billion expansion endeavor at Atlas and Roma North this year that will see 60 petajoules of natural gas delivered to Australia’s east coast market annually by the end of 2025. This figure represents more than 10 percent of the region’s demand. Regulatory approval for the expansion was finally approved following an uphill battle with a Federal government more keen on renewable energy projects than the natural gas variety.
Rinehart once had a significant stake of nearly 20 percent in Lakes Oil, now Lakes Blue Energy (ASX:LKO), through subsidiary Timeview Enterprises. Timeview's stake in Lakes Blue Energy has been lowered in recent years, but it remains the company's fourth largest shareholder at 4.63 percent.
Gina Rinehart’s potash and agriculture investments
Gina Rinehart’s potash and agricultural investments center on Hancock Prospecting’s ownership interests in multiple premium cattle stations in Australia, and the company's royalty revenue generated from the Anglo-American-controlled Woodsmith potash project currently under construction in the United Kingdom.
With an original investment of AU$380.6 million in 2016 to then-owner Sirius Minerals, Hancock Prospecting has a 5 percent revenue royalty on the first 13 million tonnes of fertiliser produced from Woodsmith and 1 percent thereafter. Hancock also has a 20,000 tonne-a-year offtake option. The timeline for Rinehart’s royalty revenue has been pushed back, however, as Anglo is cutting spending at Woodsmith following BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) failed mega-merger with Anglo American.
Investor takeaway
With Gina Rinehart at the helm of Hancock Prospecting, the Roy Hill iron ore mine has generated stellar revenues. That wealth creation not only made her Australia's richest person, but has also built a powerful war chest from which Rinehart is expanding her mining empire.
Investors can take cues from her recent and future moves in the mining sector. Although she may be defensive toward renewable energy technologies encroaching on agricultural land, she understands the strategical importance of investing in critical metals for the green transition such as lithium, rare earths and copper.
FAQs for Gina Rinehart
How much is Gina Rinehart worth?
Gina Rinehart's net worth is reported to be AU$40.61 billion as of May 31, 2024. That's up 8.5 percent over the previous year, according to figures are from the Australian Financial Review's Rich List 2024.
"Rinehart’s net worth jumped $3.2b in the last year thanks to multiples in the sector expanding," the list's authors explain. "However, her iron grip on the Rich List top spot may be weakened by ore price declines in 2024, on the back of concerns over steel output reducing in China."
What company does Gina Rinehart own?
Gina Rinehart owns Hancock Prospecting, a private company founded by her late father Lang Hancock. Originally an iron ore mining company, today the firm has strategic stakes in a wide-range of metals and commodities from lithium and rare earths to copper and agriculture, which are detailed in this article.
Can I buy shares in Hancock Prospecting?
While investors can't buy public shares in privately held Hancock Prospecting, they can take equity positions in the publicly traded stocks in which the company itself holds interest. Some of these stocks include Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), Liontown Resources (ASX:LTR), MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC).
Does Gina Rinehart own Rio Tinto?
Although she has interest in many mining companies and the two companies share the Hope Downs joint venture, Gina Rinehart does not own mining giant Rio Tinto. Yahoo Finance reports that Aluminum Corporation of China (SHA:601600) is its largest shareholder at 11 percent, followed by BlackRock (NYSE:BLK) with 8.7 percent and the Vanguard Group at about 3.1 percent of shares.
What does Gina Rinehart think about nuclear energy?
Gina Rinehart is pro-nuclear energy. During a speech at The Australian Bush Summit in 2023, she railed against the impact of wind and solar farms on much needed agricultural land in Australia. She suggested that nuclear energy offers a more viable solution for reaching the country's net zero targets.
Is Gina Rinehart the richest person in Australia?
Gina Rinehart is the richest person in Australia. In 2024, she made the Australian Financial Review's Rich List for the fifth consecutive year in a row. The next richest Australian, real estate developer Harry Triguboff, trails her by about AU$14 billion.
Is Gina Rinehart the richest woman in the world?
Gina Rinehart is not the richest woman in the world, but she does rank as the world's ninth richest woman in 2024. The distinction of richest woman in the world goes to France's Francoise Bettencourt Meyer, the heir of L'Oréal (EPA:OR). Rinehart previously held the title in 2012.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
QXR Secures Option to Additional Prospective US Lithium Brine Projects and Restructures Terms for Liberty Lithium Brine Project
QX Resources Limited (ASX: QXR, ‘QXR’) is pleased to announce that QXR has renegotiated the option agreement over the Liberty Lithium Brine Project in California, USA, to reduce option payments and also to include an option to acquire an interest in two additional prospective lithium brine projects in the USA.
Highlights
- QXR and IG Lithium have agreed to restructure the Option Agreement in respect of the Liberty Lithium Brine Project to reduce option payments and also to include an option over two additional prospective lithium brine projects in the USA.
- QXR now has the option to acquire a 25% interest in IGL, the holder of the Liberty Lithium Brine Project, which reduces QXR’s cash option payments from US$1.7 million to US$500,000.
- QXR has also entered into an option agreement with IGX Minerals LLC (a related company of IGL), granting QXR an option to acquire a 15% stake in IGX and which holds two prospective lithium brine projects in Nevada and Utah, USA.
- IGX and IGL continue discussions with US based producers of battery-grade lithium products in relation to the future supply of lithium brine products.
- QXR will update the market soon regarding planned activities over the gold projects in Queensland.
QXR had previously entered into an option agreement with IG Lithium LLC (IGL) to acquire up to a 75% interest in IGL, the owner of the Liberty Lithium Brine Project, as announced 5 October 2023 (Option Agreement). The parties have negotiated a variation to the Option Agreement, whereby QXR now has an option to acquire a 25% interest in IGL on or before 30 June 2025 (Variation Agreement). The restructuring reduces QXR’s cash option payments from US$1.7 million to US$500,000.
QXR has entered into a further option agreement with IGX Minerals LLC (IGX) (an unlisted Delaware company established in 2022, and a related company of IGL) granting QXR an option to acquire a 15% interest in IGX on or before 30 June 2025 for US$500,000 (IGX Option). IGX has identified and secured two (2) prospective lithium brine projects in Utah and Nevada, USA, covering 10,660 hectares (26,300 acres). IGX and IGL continue discussions with US based developers and producers of battery-grade lithium products to potentially supply future lithium brine feedstock.
IGL and IGX have an excellent local US exploration team and contractors to ensure advancement of the projects. Next steps include permitting for new drill sites at the Liberty Lithium Brine Project, targeting areas that are interpreted to be prospective to intersect deep lithium brines in the centre of the basin, further west of drilling previously undertaken by QXR (ASX announcement 19 June 2024). QXR is continuing its review of work conducted to date by IGX on their two projects, which indicate encouraging results in a favourable geological setting.
QXR Managing Director, Steve Promnitz, said: “QXR, through the new agreements, now has exposure to three large, prospective lithium brine projects, with reduced cash commitments, diversifying the portfolio. The lithium brine projects are located in the US market where demand continues for critical minerals and where downstream processors are still seeking supply options.”
IG Lithium and IGX Minerals Member, Stephanie Ashton, said: “We recognize the valuable work that we have done together with QXR and are pleased to continue to consolidate and expand our joint efforts to find new critical supplies of upstream lithium brines for the rapidly expanding US battery industry.Click here for the full ASX Release
This article includes content from QX Resource, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
New Discoveries Ramp Up Lithium Exploration in Northern Canada
Lithium’s critical importance to the global green energy transition is expected to continue for the foreseeable future. In fact, the growth in demand would be so exponential industry that some analysts believe the world could face supply shortages as early as 2025 if more lithium production does not come online.
In the face of this, one question remains on everyone's mind — where do we find enough lithium to stave off the shortage?
In recent years, Northern Canada has emerged as a new frontier for lithium exploration. Politically and economically stable and with a well-established mining sector, the region has all the right ingredients to support a thriving lithium exploration and development sector. But Northern Canada is not without its challenges, either.
To make informed decisions, investors need to understand both the challenges presented by Northern Canada's unique climate, the opportunities its mining sector represents and the value of recent lithium spodumene discoveries.
A critical mineral in short supply
Recent years have seen lithium's emergence as a lynchpin for both electrification and the clean energy transition. As the core ingredient in many types of rechargeable batteries, lithium is essential for the electric vehicle industry. It's also used extensively in energy storage systems, which are themselves crucial components for both wind and solar power.
As governments around the world continue to commit to carbon neutrality and climate action plans, lithium has understandably experienced a meteoric rise in demand. Unfortunately, lithium production is struggling to keep pace. Between staffing shortages, supply chain interruptions and permitting issues, lithium mining and exploration companies often face a veritable gauntlet of challenges and delays.
This has led to what RK Equity Partner Howard Klein refers to as an oversupply of investment opportunities. Alongside ongoing delays, this overabundance of incomplete projects has caused automakers to become considerably more involved in the lithium sector. Rather than waiting for others to establish a lithium supply chain, original equipment manufacturers have begun taking matters into their own hands by signing deals with multiple junior mining and exploration companies.
These partnerships will only increase the automotive sector's influence on the lithium market, which at present is heavily impacted by demand from the electric vehicle and industrial sectors.
Here's where Northern Canada comes in. Areas such as Québec's Nunavik and Eeyou Istchee James Bay regions, as well as Northern Ontario, not only house considerable lithium reserves but are also largely underexplored. This makes them an incredibly valuable opportunity for both mining companies and investors. Northern Canada is home to extensive reserves of spodumene, resulting in many potentially viable project sites in the region.
For context, hard-rock lithium projects, which host lithium-bearing spodumene pegmatites, typically contains significantly higher lithium concentrations than either brine or clay. Its abundance and high lithium content make spodumene deposits ideal for large-scale lithium production, which is essential for supplying the growing requirements of battery manufacturers and other industries.
In Eeyou Istchee James Bay, Patriot Battery Metals’ (TSXV:PMET,ASX:PMT,OTCQX:PMETF) Corvette property is located within an emerging spodumene pegmatite district in which Patriot has already identified more than 70 lithium pegmatite outcrops to date.
It's not just mineralogy that makes Northern Canada an attractive exploration target. Although mining regulations vary by province, as a whole, Canada is recognized as one of the world's most stable mining jurisdictions. Many provinces have long histories with the mining industry, which translates to favorable government attitudes and access to a highly skilled workforce.
There's one other factor at play here, as well. Eeyou Istchee James Bay, which in recent years has been a lithium exploration hotbed in Northern Canada, has largely been claimed. As a result, exploration companies are looking to other areas of Canada's north to find prospective ground.
For all its promise, the vast and underexplored region suffers from one potentially crippling drawback — the cold.
Exploring Canada's northern frontier
Northern Canada is largely characterized by harsh, cold, long winters and subarctic permafrost. Winter temperatures in the area can frequently drop below minus 50 degrees Celsius. Work conditions at mining and exploration projects during the winter can be hazardous to both workers and equipment.
When done correctly and safely, however, exploration work that continues through the winter season can provide companies a competitive advantage over their peers. For one thing, access to winter roads is significantly easier with less activity during the winter season, allowing ease of transport of equipment, materials and personnel to and from a project site. It also enables on-foot exploration and surveying to a much greater extent than would be possible during warmer months.
Working year round rather than suspending operations during winter also provides a considerable advantage for both a company and its shareholders, as it means fewer delays and a shorter timeline for the establishment of a fully operational mine. There is also less risk of upsetting the permafrost layer or causing environmental damage — a big gain for sustainability.
Additionally, a resource company with the capability to conduct exploration activities through the winter will benefit from sustained momentum driven by regular news flow on drill results.
Key players in Northern Canadian lithium exploration
Although much of Northern Canada remains underexplored, there have nevertheless been some incredibly promising lithium discoveries in the region.
In 2023, Beyond Lithium (CSE:BY,OTCQB:BYDMF) discovered promising new spodumene-bearing pegmatite zones at two of its projects in Ontario: the Ear Falls project and the Victory project. Both projects are accessible by major highways and a network of well-maintained logging roads. The spodumene discovery at its Victory project even led to the company receiving the prestigious 2023 Bernie Schnieders Discovery of the Year Award.
Following Beyond’s spodumene discoveries, the company has continued its exploration work, launching a follow up stripping and drilling program at Ear Falls in the fall of 2023. The company strategic exploration plan now focuses on four primary projects: the Ear Falls spodumene, the Victory spodumene, the Cosgrave Lake, and the Wisa Lake Projects. The program includes diamond drilling and advanced mapping and sampling to delineate more targets for mechanical stripping and further diamond drilling.
North Arrow Minerals (TSXV:NAR) discovered several new spodumene mineralized pegmatites at its LDG and MacKay lithium projects in the Northwest Territories. To date, more than 17 simple and spodumene-bearing pegmatites have been identified between the two properties. Because both projects display similar geology to the Yellowknife Pegmatite Province, North Arrow asserts they have the potential for similar size and scale.
Brunswick Exploration (TSXV:BRW,OTCQB:BRWXF), meanwhile, announced the discovery of an undocumented spodumene-bearing pegmatite at the Elrond project, part of the company's Mythril option agreement with Midland Exploration (TSXV:MD,OTC Pink:MIDLF).
Other companies with recent spodumene discoveries in the region include Volta Metals (CSE:VLTA), Tearlach Resources (TSXV:TEA,OTCQB:TELHF) and Quebec Precious Metals (TSXV:QPM,OTCQB:CJCFF).
Investor takeaway
Lithium demand has increased exponentially over the past several years, and there is every indication that it will continue to do so. As production struggles to keep pace, we've seen the emergence of multiple lithium mining and exploration companies. Many of these organizations are laser-focused on Northern Canada — potentially the site of the next major lithium rush.
Investors would do well to be aware of both these companies and the investment opportunities they represent.
This INNSpired article is sponsored by Beyond Lithium (CSE:BY,OTCQB:BYDMF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Beyond Lithiumin order to help investors learn more about the company. Beyond Lithium is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Beyond Lithium and seek advice from a qualified investment advisor.
Coniagas Battery Metals
Investor Insight
Its focus on the exploration and development of high-demand critical metals, supported by a sustainable proprietary processing technology, puts Coniagas Battery Metals in a strategic position to leverage the rapidly expanding battery metals market and increase shareholder value.
Overview
Coniagas Battery Metals (TSXV:COS) is a Canadian company focused on developing a world-class critical minerals project. The name Coniagas is an acronym for various symbols on the periodic table such as – cobalt (Co), nickel (Ni), silver (Ag), and arsenic (As). The company is formed from the spin-off of Nord Precious Metals’ (TSXV:NTH) Graal property in Quebec.
The company is focused on advancing the Graal nickel-copper-cobalt project towards production. Nearly 16,000 meters of diamond drilling (in addition to the 6,885 meters of historic drilling) has been completed at the project. The early-stage drill results have been encouraging, intersecting up to 1.12 percent nickel equivalent (or 2.28 percent copper equivalent) over 28.9 meters at depths of only 50 to 100 meters. The company plans to undertake an aggressive drilling program to expand the deposit area and deliver a maiden NI 43-101 resource report.Coniagas is also planning to build a processing facility in Quebec utilizing its proprietary process known as Re-2Ox. It is a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards. The processing facility will help Coniagas convert the mined minerals into battery-grade metals. In May 2024, Coniagas identified promising, offshore source material for evaluation and processing using its advanced Re-2Ox hydrometallurgical process. This is a significant step towards the company’s goal of establishing a full-scale production facility in Quebec.
The Graal project represents a potential new nickel mine in Quebec with several advantages. First, the nickel at Graal is contained in sulfides that are easier and cheaper to process into battery grade nickel than nickel in laterite deposits. Second, mining at Graal will be an open pit, which is very economical compared to other nickel sulfide deposits found deep underground. Third, the project will also generate substantial copper and cobalt as by-products that will improve the project’s economic viability and deliver a low-carbon, environmentally friendly supply of critical metals for the energy transition.
The project’s location in Quebec also presents several advantages. The province is a Tier 1 mining jurisdiction and ranked fifth in the world for investment attractiveness in the Fraser Institute’s 2023 survey. Furthermore, access to excellent infrastructure in terms of hydroelectricity, roads and ports is a huge positive.
The Graal project fits perfectly into the Canadian government’s Critical Minerals Strategy that aims to create domestic supply sources of critical minerals in the country. Currently, the supply of these critical minerals is dominated by countries such as China, Russia, Indonesia, Peru, Chile and Congo, which either have rising tensions with the West or are characterized by political instability. Graal is in a much safer jurisdiction and is ideally positioned to become a reliable supplier of clean energy metals.
The demand for critical minerals required for energy storage and electric vehicle applications is expected to grow by around 30 times between 2020 and 2040, according to a report by the International Energy Agency. The report indicates copper demand to be 55 percent higher than the 2022 supply. Likewise, the 2030 demand for nickel is expected to be 67 percent higher than the 2022 supply, and for cobalt 147 percent higher than the 2022 supply levels. Coniagas is well positioned to benefit from this supply-demand imbalance and offers investors an excellent opportunity to participate in the clean energy transition.
A secondary project, which may eventually be brought into the Coniagas portfolio, is the Lowney-Lac Edouard project in Quebec, a prospective nickel-copper property near Rio Tinto. The project is currently owned by Nord Precious Metals, which was the parent company of Coniagas.
Company Highlights
- Coniagas Battery Metals is a Canadian company focused on developing critical minerals such as nickel, copper and cobalt.
- Coniagas Battery Metals was demerged from its parent, Nord Precious Metals Mining (formerly Canada Silver Cobalt Works), which announced the separation of its business in two – Nord Precious Metals (focused on silver-cobalt) and Coniagas Battery Metals (focused on copper-nickel-cobalt).
- Coniagas’ flagship project is the Graal nickel-copper-cobalt property in Quebec, Canada, with excellent infrastructure in terms of low-carbon hydroelectricity, road access and proximity to major battery manufacturing facilities in eastern North America.
- Coniagas intends to use a proprietary Re-2Ox processing technology, a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards.
- $6 million has been spent so far on the project with historic drillings that produced extremely encouraging results, with geologists excited that it has the potential to be a large mine. The company will focus on metallurgical work and exploration drilling in 2024-2025 to expand the mineralized deposit zone and deliver a maiden resource report.
- Critical minerals are in high demand, driven by their application in electric vehicles. Coniagas intends to develop into a supplier to the electric vehicle (EV) market.
- The Graal project fits perfectly into the Canadian government’s Critical Minerals Strategy that plans to create domestic supply sources of critical minerals in the country. It also fits with the Quebec strategy of utilizing its resources to become a critical minerals supplier to EV battery plants in Quebec and the rest of Canada, as well as US policy to enhance critical minerals production within North America. All three governments have nickel, copper and cobalt listed on their Critical Minerals Lists.
Key Projects
Graal Project
The red line in the MHY-Gravi zones indicates the location of the 6 km strike length.
The Graal project is the company’s flagship nickel-copper-cobalt asset in the Quebec region. Quebec is a Tier 1 mining jurisdiction and offers a world-class environment for mining investments.
The project is near the Chute des Passes electricity plant and has good access by roads. It is next to the planned Arianne phosphate mine and is only 200 kilometers from the ocean port of Saguenay on the St. Lawrence.
Initial exploration on the property has confirmed high-grade nickel-copper-platinum-group element (PGE) deposits. The company has discovered a 6-kilometer strike length mineralized with near-surface high-grade copper, nickel and cobalt, along with several intersections to the west in the Discovery Zone.
Based on the drill and geophysics results, the project has the potential for several high-grade near-surface deposits and significant deposits at depth. Previous drilling between 1996 and 2004, conducted by SOQUEM and Virginia Mines totaling ~6,000 meters, indicated a potential target of near-surface tonnage of 30 to 60 million tons with a grade range of 0.60 to 0.80 percent nickel, 0.30 to 0.50 percent copper, and 0.10 to 0.15 percent cobalt in the MHY zone.
Furthermore, Nord Precious Metals drilled more than 16,000 meters between 2021 and 2022 identifying several drill targets.
The drill results from the 2021-22 program discovered some noteworthy intervals exhibiting high grades of nickel and copper. The program succeeded in discovering wider intervals and continuity of nickel-copper sulfides within the MHY Zone. The key highlights include 1.12 percent nickel equivalent over 28.9 meters and 0.94 percent nickel equivalent over 15.9 meters.
Moving forward, Coniagas will begin drilling 2,000 meters in shallow regions to extend mineralization within the MHY Zone. Additionally, it plans to undertake a metallurgical study and engage in consultations with First Nations with an estimated cost of $500,000. Building on this effort, Coniagas plans to deliver a maiden resource estimate.
Lowney- Lac Edouard Project
This is a secondary project that may eventually be brought into the Coniagas portfolio. Situated to the south of the historically productive nickel-copper Lac Edouard Mine, the Lowney-Lac Edouard property is adjacent to an area where Rio Tinto, during a 2023 drilling initiative in the Savane region of a Midland Exploration property, uncovered high-grade nickel along with copper. The project is currently owned by Nord Precious Metals, the former parent company of Coniagas.
Management Team
Frank Basa - CEO
Frank Basa holds a BA in engineering from McGill University and is a member of the Professional Engineers of Ontario. He has over 35 years of experience in various aspects of gold mining and development. He also serves as the CEO of TSXV-listed companies Granada Gold Mine and Nord Precious Metals.
Aurelian Basa – Director
Aurelian Basa holds a bachelor’s degree in geography from Concordia University, Montreal. He has over 10 years of experience in the natural resources sector. He is associated with a platform that connects commodity traders to sources of critical metals. He also manages a digital content agency focused on public mining companies.
Ronald Goguen – Independent Director
Ronald Goguen has considerable senior leadership experience and has been associated with Colibri Resource Corporation, Major Drilling and Beaver Brook Antimony Mine.
Remantra Sheopaul – CFO
Remantra Sheopaul holds a B.Com. in accounting from Toronto Metropolitan University (formerly, Ryerson University). He has rich experience in various aspects of finance. He works with Marrelli Support Services and is also a CFO of Granada Gold Mine, Canada Carbon, Angel Wing Metals and Metalite Resources.
Jessie Acton – Independent Director
Jessie Acton, a seasoned business architect, offers fractional COO services through his private consultancy. With more than 25 years of experience primarily in the resource sector, he has advised numerous Canadian companies and holds extensive industry and government connections. Jessie Acton’s expertise spans corporate policy, DEI, and ESG frameworks, complemented by a successful track record of founding and exciting companies.
Daniel Barrette – Director
Daniel Barrette has more than 15 years of extensive experience in the mining industry, focusing on company management and restructuring. Notably, he spearheaded the successful restructuring of SearchGold Resources Inc. from 2011 to 2013, leading to its reverse take-over by Ubika Corp and securing $54 million in financing. Mr. Barette’s expertise extends to aiding mining entities in acquiring mineral properties in the Democratic Republic of the Congo and establishing business operations, leveraging his extensive network within that country.
Heidi Gutte – Director
Heidi Gutte has nearly 15 years of experience working with publicly-traded mineral exploration and mining companies. She specializes in providing corporate finance, IFRS financial reporting, audit preparation and response, tax optimization, and corporate compliance for the mineral exploration and junior mining sector. Ms. Gutte earned her bachelor's degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany. She holds the professional designation of Chartered Professional Accountant (CPA, CGA), and is a member of Chartered Professional Accountants of British Columbia and Canada.
Rhyolite Ridge Project Advances After Ioneer Receives Final Environmental Impact Statement
Ioneer (ASX:INR,NASDAQ:IONR) has take a step forward at its Rhyolite Ridge lithium-boron project with the release of a final environmental impact statement from the US Bureau of Land Management.
In a Friday (September 20) press release, the company said Nevada-based Rhyolite Ridge is the first lithium project to reach this stage of the environmental permitting review process under the Biden administration.
According to Ioneer, the asset will increase the nation’s lithium supply by four times, reducing reliance on foreign sources, and will create hundreds of jobs with good compensation in the state's Esmeralda County.
“Since Ioneer’s work at Rhyolite Ridge began in 2016, we have listened to members of the community and adapted our plans to maximize the project’s many economic benefits while minimizing indirect impacts to the community and environment,” said Managing Director Bernard Rowe. He added that this collaboration has strengthened the project.
Ioneer notes on its website that Rhyolite Ridge is among two advanced lithium projects in the US, and is expected to be a low-cost site. Its mine life is estimated at 26 years, during which time it's seen powering 50 million electric vehicles.
Materials won't be shipped to a separate processing facility, which Ioneer says will make for more efficient output.
“We look forward to the conclusion of the 30-day statutory waiting period and timely issuance of the Record of Decision to advance Rhyolite Ridge into construction,” added Executive Chairman James Calaway. “We are eager to get to work in contributing to the domestic supply of critical materials essential for the transition to a clean energy future.”
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Update on the ASX Listing
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile, has been informed by representatives of the Australian Securities Exchange ("ASX") that due to procedural matters the approval process of the Company's listing on ASX will be extended.
The Company is working with its lawyers in Australia, its other advisers and ASX to address the matters expeditiously and will provide the market with a further update when greater clarity has been obtained on the revised expected timetable.
For further information contact:
Steve Kesler/Gordon Stein/Nick Baxter
Jersey office: +44 (0) 1534 668 321
Chile office: +562-32239222
Or via Celicourt
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
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