CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, following a meeting with representatives of Chile´s Mining Ministry last week, will be resubmitting the applications for Special Lithium Operating Contracts (CEOLs) for Laguna Verde and Francisco Basin updating them in line with the latest requirements. The resubmission process has no impact on the expected project timeline. This follows the recent announcement made by the Chilean Government which outlined the new approach for private companies to "express interest" in non-strategic salars.
Highlights:
· Chilean Government outlined a new process for private companies to express interest to develop non-strategic salars for lithium production in Chile starting from April 2024.
· CTL regards the new announcement as extremely positive for the both the Company and the development of the Lithium Industry in Chile because there is now a clearer timeline.
· CTL to resubmit CEOL applications in line with the new process with minor changes to be made to the previous submission with no impact to expected project timeline.
· The Government will carry out local community consultations before any CEOL application is approved, which CTL is very well positioned for.
· CTL has a signed partnership with the local communities forming a co-designed mining model. This is a pioneering agreement in the lithium exploration sector in Chile.
· It is expected that by July 2024 the Minister of Mining will list the salars where there is private sector interest in leading exploration projects for lithium production.
· CEOLs are then expected to be awarded by the State for these salars.
· The Government has stated it expects four new lithium projects to be in production in 2026. CTL´s Laguna Verde is among the most advanced new lithium projects in Chile.
On Thursday 28th of March, CTL´s CEO Aldo Boitano held a very productive and positive meeting with the Mining Undersecretary (equivalent to Deputy Minister) of Chile´s Mining Ministry, Mrs Suina Chahuán, along with representatives of the Ministry, to discuss the recent announcement by the Government of Chile regarding the Protected Salars network and salars open to development (see CTL's 27th March RNS for further information).
Considering the Government's announcement and clarification that CTL's assets would not fall under strategic assets, CTL is withdrawing the current CEOL applications which were submitted under the previous arrangements. The Company will resubmit both applications once updated to meet the requirements of the National Lithium Strategy and be in line with the new process.
Aldo Boitano, Chief Executive Officer of CleanTech Lithium, said:
"We were delighted to attend this meeting with the Mining Ministry so soon after the new approach had been announced by the Government, one of the first companies to have such conversations. Under this new guidance from the Government, we will proceed with our project's CEOL applications and continue our constant coordination with the government to develop our projects into production.
"Following the resubmission, consultations with local communities hosted by the Government will commence. CTL has an established partnership with the local communities and our approach to early engagement, we believe, will help speed up the CEOL approval process. We will update the market when the resubmission has been made."
"This is happening in tandem with the progress we have made with the Pre-Feasibility Study for Laguna Verde and the Environment Impact Assessment which are both critical milestones for 2024 and on our path to lithium production. The Government expects four new lithium projects to be in production in 2026 and our Laguna Verde is among the most advanced new projects in Chile".
CTL already expressed interest by submitting the CEOLs in September 2023 for Laguna Verde and Francisco Basin with unified support from the local communities in the region. The Company expects the updated applications for Laguna Verde and Francisco Basin will be approved in due course with no impact on the project timeline.
Notes:
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.
For further information contact: |
| | |
CleanTech Lithium PLC | | |
Aldo Boitano/Gordon Stein | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 | |
| Or via Celicourt | |
Celicourt Communications | +44 (0) 20 7770 6424 | |
Felicity Winkles/Philip Dennis/Ali AlQahtani | cleantech@celicourt.uk | |
Harbor Access - North America Jonathan Paterson/Lisa Micali | +1 475 477 9401 | |
Porter Novelli - Chile Ernesto Escobar | +569 95348744 Ernesto@publicoporternovelli.cl | |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 207 628 3396 | |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 207 523 4680 | |
| | |
Fox-Davies Capital Limited (Joint Broker) | +44 20 3884 8450 | |
Daniel Fox-Davies | daniel@fox-davies.com | |
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.
About CleanTech Lithium
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com.
Source
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Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics