CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), a company advancing sustainable lithium projects in Chile for the clean energy transition, announces that at the General Meeting held earlier today all resolutions, as set out in a circular dated 23 November 2023 relating to the conditional Placing and the Open Offer to Qualifying Shareholders (the "Circular") were duly passed.
Open Offer
The Open Offer closed for acceptances at 11.00 a.m. on 13 December 2023. Although the Open Offer was oversubscribed by 12.5% at approximately £586,000, the Company was required to scale back valid applications to its maximum allotment allowance of 2,365,188 Open Offer Shares. As such, the Open Offer raised gross proceeds of approximately £520,000.
All valid applications for basic entitlements under the Open Offer have been met in full; excess applications have been scaled back to ensure the maximum allotment allowance of Open Offer Shares was not exceeded.
Consistent with the terms of the Placing, Open Offer Shares have a warrant attached in the ratio of one Warrant for every two Open Offer Shares allotted. Where an odd number of Open Offer Shares were allotted to an applicant, the warrant entitlement was rounded down. Accordingly, a total of 1,182,577 warrants have been granted in connection with the Open Offer.
Fundraising
The Company has raised total gross proceeds of approximately £8.5 million from the Open Offer and Fundraising, as described in the "Results of Fundraising" announcement published on 22 November 2023 and in the Circular.
Result of GM
Details of the results of the poll were as follows:
Aldo Boitano, Chief Executive Officer of CleanTech Lithium Plc, commented: "Thank you to all our shareholders who participated in the recent Open Offer and to those who voted at our General Meeting. It is encouraging to see an active investor base and your continued support is much appreciated as we develop sustainable lithium projects in Chile. I am particularly pleased that our Open Offer was oversubscribed, a clear vote of confidence for the Company's plans in 2024.
We recently hosted a successful visit to Chile with the Board which involved planning sessions for our 2024 key milestones and a visit to the DLE Pilot Plant at our Copiapó facility. Shareholders can expect an update on this soon."
Admission
Application has been made to London Stock Exchange for a total of 24,604,360 Fundraising Shares comprising 22,239,172 Conditional Placing Shares and 2,365,188 Open Offer Shares to be admitted to trading on AIM on or around 8.00 a.m. on 15 December 2023.
PDMR Dealings
As set out in the announcement published on 22 November 2023 and in the Circular, certain Directors of the Company have agreed to subscribe for the Conditional Placing Shares. Accordingly, as from Admission, their interests in Ordinary Shares will be as follows:
The information contained in Appendix 1 below is disclosed in accordance with Article 19 of UK MAR.
TVR
Following Second Admission, the Company's issued share capital will comprise 145,162,326 Ordinary Shares with voting rights. This figure may be used by shareholders as the denominator when calculating if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. The Company does not hold any Ordinary Shares in treasury.
Capitalised terms in this announcement have the same meaning as in the Company's Circular, the "Proposed Placing" announcement published on 21 November 2023 and the "Results of Fundraising" announcement published on 22 November 2023.
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This article includes content from CleanTech Lithium, 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.
CleanTech Lithium (CTL) (AIM:CTL,FWB:T2N,OTC:CTLHF) is a resource exploration and development company with four lithium assets with an estimated 2.7 million tonnes (Mt) of lithium carbonate equivalent (LCE) in Chile’s Lithium Triangle, a world-renowned mining-friendly jurisdiction. The company’s mission is to be a leading supplier of ‘green’ lithium to the electric vehicle (EV) market by using direct lithium extraction (DLE) – a low-impact, low-carbon and low-water method of extracting lithium from brine – powered by renewable energy sources.
Lithium demand is soaring as a result of a rapidly expanding EV market. One study estimates the world needs 2 billion EVs on the road to meet global net-zero goals. Yet, the gap between supply and demand continues to widen. As the world races to secure new supplies of the critical mineral, Chile has emerged as an ideal investment jurisdiction with mining-friendly regulations and a skilled local workforce to drive towards a clean green economy.
With an experienced team in natural resources CleanTech Lithium holds itself accountable to a responsible ESG-led approach, a critical advantage for governments and major car manufacturers looking to secure a cleaner supply chain.
The company’s assets are all located in Chile and amenable to eco-friendly development. Laguna Verde, CleanTech’s flagship asset, is poised for near-term green lithium production by the end of 2025, with a resource estimate of 1.8 Mt of lithium carbonate equivalent (LCE). Approximately 100 kilometers south of Laguna Verde is the company’s second flagship asset, Francisco Basin, with a JORC-compliant inferred resource estimate of 0.5 Mt of LCE. Both projects are more than 4,200 meters above sea level posing minimal risk to biodiversity and impact on local communities.
The Llamara Project is a greenfields asset located in the Antofagasta region and is around 600 kilometers north of Laguna Verde and Francisco Basin. The area totalling 344 square kilometers is located in the Pampa del Tamarugal basin, one of the largest basins in the lithium triangle.
CleanTech Lithium is committed to an ESG-led approach and supporting its downstream partners by producing the greenest lithium in the market. In line with this, the company will use renewable energy and the eco-friendly DLE process across its projects. DLE is widely considered the best option for lithium brine extraction that makes the least environmental impact, with no evaporation ponds, no carbon-intensive processes and reduced levels of water consumption. In recognition, Chile’s government plans to prioritize DLE for all new lithium projects.
Chile is rapidly becoming a world-leader in renewable energy and has ambitious goals of converting 70 percent of its total energy consumption to renewables by 2030. This strategy provides CleanTech the opportunity to power its Chile operations with clean energy. The country has the most lithium reserves globally, with 9.3 million metric tonnes.
CTL’s experienced management team, with expertise throughout the natural resources industry, leads the company towards its goal of producing green lithium for the EV market. Expertise includes geology, lithium extraction engineering and corporate administration.
*DLE plants operating successfully in Argentina and China
The company’s flagship Laguna Verde asset covers 15.2 square kilometers with a prolific JORC-compliant resource estimate and is on course for near-term production by late 2025. The project is also ideally located for transporting lithium, with a paved highway running from the project to the major mining center of Copiapó.
CleanTech Lithium’s secondary asset covers 110 square kilometers, with a current resource estimate indicating high-grade lithium for the global battery market. The company will soon begin its second drill campaign to extend known deposits further.
The Llamara project is one of the largest greenfield basins in the Lithium Triangle, covering 344 square kilometers of claims that have never been drilled. However, historical exploration results indicate blue-sky potential, prompting the company to pursue additional exploration.
Steve Kesler has 45 years of executive and board roles experience in the mining sector across all major capital markets including AIM. Direct lithium experience as CEO/director of European Lithium and Chile experience with Escondida and as the first CEO of Collahuasi.
Gordon Stein is a commercial CFO with over 30 years of expertise in the energy, natural resources and other sectors in both executive and non-executive director roles. As a chartered accountant, he has worked with start-ups to major companies, including board roles of six LSE companies.
Tommy McKeith is an experienced public company director and geologist with over 30 years of mining company leadership, corporate development, project development and exploration experience. He's held roles in an international mining company and across several ASX-listed mining companies. McKeith currently serves as non-executive director of Evolution Mining and as non-executive chairman of Arrow Minerals. Having worked in bulk, base and precious metals across numerous jurisdictions, including operations in Canada, Africa, South America and Australia, McKeith brings strategic insights to CTL with a strong focus on value creation.
Jonathan Morley-Kirk brings 30 years of experience, including 17 years in non-executive director roles with expertise in financial controls, audit, remuneration, capital raisings and taxation/structuring.
Maha Daoudi has more than 20 years of experience holding several Board and senior-level positions across commodities, energy transition, finance and tech-related industries, including a senior role with leading commodity trader, Trafigura. Daoudi holds expertise in offtake agreements, developing international alliances and forming strategic partnerships.
Dermot Boylan - Group Financial Controller
Dermot Boyla is a fellow of the Institute of Chartered Accountants Ireland. Dermot brings extensive international, technical, corporate and commercial finance experience from the natural resources sector and more recently from within the small-cap AIM-listed corporate environment.
Alvaro Florez Keim joins CTL as legal manager in Chile. Alvaro is a lawyer qualified in Chile and Australia, with 12 years of experience focused on mining, corporate matters and project development in Chile and Australia.
Marcela Sepúlveda is a professional with more than 15 years of experience in areas related to community development, with focus on the development of local skills, promotion of territorial development and the creation of public, private and community alliances. Worked in the mining industry, mainly in the Atacama Region and in the NGO sector.
Rodrigo Rivas is a metallurgical engineer with extensive experience in quality management, processes and production of lithium carbonate and hydroxide plants. He was directly responsible for the start and development of battery-grade lithium production at SQM and Orocobre.
Geraldine Carmona joins CTL as finance manager in Chile and is a certified public accountant in both Venezuela and Chile. Geraldine gained extensive experience from her time at PwC and KPMG. Since moving from practice to industry, Geraldine has focused on working with environmental and renewable energy companies in Chile.
Sabine Macaya is an industrial engineer and mathematician with more than 25 years of experience in operations of multinational companies from different industries such as mining, retail, pharmaceuticals, achieving successful results leading to an ascending career to corporate level.
CleanTech Lithium (OTCQX:CTLHF, AIM:CTL), an exploration and development company advancing sustainable lithium projects in Chile, today announced that Steve Kesler, Executive Chairman, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 1 st .
DATE : May 1 st
TIME: 10:00AM
LINK: https://bit.ly/3ISIVUN
Available for 1x1 meetings: May 1 st /May 2 nd
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com .
Recent Company Highlights
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
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
CleanTech Lithium
Nick Baxter
Head of Communications and ESG
+44 (0) 7792854837
nbaxter@ctlithium.com
Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, announces that the operation of the Company´s pilot plant has commenced and is producing lithium chloride eluate from the Direct Lithium Extraction (DLE) process.
Pilot Plant Highlights:
Commenting, Aldo Boitano, Chief Executive Officer, of CleanTech Lithium PLC, said:
"I am very pleased to inform the market that our pilot plant has commenced operation with the first volume of lithium chloride eluate produced. Batches of concentrated eluate will be shipped to North America to be converted into battery grade lithium carbonate by a third-party processor. This pilot plant plans to produce significant quantities of battery grade product for evaluation by potential strategic partners, making CTL one of the few companies in the sector to produce pilot scale volumes of battery grade product. The pilot plant positions CTL as a leader in the sector and in Chile, with first eluate production representing a significant milestone for the Company."
Further Information
The Company´s pilot plant, which is located at the Company´s R&D Centre in Copiapó, some 250km from Laguna Verde, underwent an extended commissioning phase which is now completed. Washing and adsorbent activation protocols were completed, and filtering equipment and a reverse osmosis (RO) unit installed. Brine from the Laguna Verde project is stored in a large 243,000 litre vessel outside the pilot plant, which is fed into an indoor tank having passed through filtration to remove suspended solids. It is then fed into the DLE columns shown in Figure 1, which are filled with adsorbent designed to be selective for lithium molecules. Lithium, as lithium chloride, is adsorbed from the brine, before desorption with water to create a lithium chloride eluate. DLE acts as a purification stage recovering lithium chloride from the brine whilst rejecting more than 99% of other impurities. First production of lithium chloride eluate was completed in the past week.
A RO unit at the plant will be used to concentrate the eluate, with the concentrated eluate to be shipped to North America for the downstream conventional processing stages and conversion into battery-grade lithium carbonate.
Figure 1: Pilot Plant Multi-Valve Feeding Brine to DLE Columns (approx. 2.5 metres high)
Downstream Processing into Battery-Grade LithiumCarbonate
For the conversion of the concentrated lithium chloride eluate into battery-grade lithium carbonate, CTL has engaged Conductive Energy based in Alberta, Canada, which has a conversion facility in Chicago, USA. Concentrated eluate will be shipped in batches on a monthly basis to this facility (see Figure 2). The first step will be to further concentrate the eluate using Forward Osmosis (FO), with an FO unit provided by Forward Water Technology, another Canadian company based in Ontario. FO achieves a high concentration factor with low energy use.
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Figure 2: Conductive Energy - Milling and Refining Equipment, Continuously Stirred Tank Reactor, and Lithium Carbonate product in Chicago, USA (pictures left to right)
Following FO, the conversion process stages undertaken by Conductive Energy, involve polishing to remove trace impurities, carbonation to precipitate lithium carbonate, solid/liquid separation and drying. These standard industry processes for lithium carbonate production are reflective of the conversion process CTL plans to use at a commercial scale for the Laguna Verde project. Samples of the lithium carbonate product will be analysed by Conductive Energy and a third-party independent laboratory to confirm the benchmark of 99.5% Li2CO3 is achieved for battery-grade lithium carbonate. The product will be packaged for shipping to potential strategic partners and off-takers for product verification in the coming months.
**ENDS**
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 | ||
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 |
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 four lithium projects - Laguna Verde, Francisco Basin, 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
Visit CleanTech Lithium (AIM: CTL) (OTCQX: CTLHF) at Booth #2610 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.
About CleanTech Lithium
Join CEO, Aldo Boitano, and Head of Communications and ESG, Nick Baxter, at PDAC 2024. Booth 2610. CleanTech Lithium PLC (AIM: CTL) (FSE: T2N) (OTCQX: CTLHF) is an exploration and development company, advancing sustainable lithium projects in Chile for the clean energy transition. CleanTech Lithium's mission is to produce material quantities of battery grade lithium using efficient Direct Lithium Extraction technology, powered by renewable energy. CleanTech Lithium has four lithium projects - Laguna Verde, Francisco Basin, Llamara and Salar de Atacama - located in the lithium triangle, the world's centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by CleanTech Lithium, which affords significant potential development and operational advantages. Any investors interested in a meeting please contact: Jonathan.Paterson@Harbor-access.com.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 24,000 attendees in person in 2023, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.
We look forward to seeing you there.
For further information:
CleanTech Lithium
Nick Baxter
nbaxter@ctlithium.com
LinkedIn
www.ctlithium.com
News Provided by Newsfile via QuoteMedia
Manufacturers commonly use lithium carbonate or lithium hydroxide in these batteries rather than lithium metal. Lithium-ion batteries also include other important battery metals, such as cobalt, graphite and nickel.
As demand for lithium continues to rise, which countries will provide the lithium the world requires? The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are doing their best to meet rising demand from energy storage and EVs — in fact, worldwide lithium production rose sharply from 2022 to 2023, coming in at 180,000 metric tons (MT) of lithium content last year (not including US production), compared to 146,000 MT in 2022.
Australia, Chile and China were the top three lithium countries in 2023, and Brazil and Zimbabwe rose significantly in the ranks. Read on for an overview of global lithium production by country. As the EV lithium-ion battery market continues to grow, it’s likely these countries will vie for larger roles in supplying the metal in the years to come.
Mine production: 86,000 MT
Kicking off this lithium production by country list is Australia, which produced 86,000 MT of lithium last year, up from 74,700 MT the year before. Following that increase, it's likely the country's lithium production will see a decline in 2024 as demand for EVs has stalled in the current slowing economic climate, leading to much lower lithium prices. In fact, Australia's lithium miners have already begun to curb production rates.
Who owns Australia's largest lithium mines? The Greenbushes lithium mine in Western Australia is operated by Talison Lithium, a subsidiary that is jointly owned by miners Albemarle (NYSE:ALB), Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466) and IGO (ASX:IGO,OTC Pink:IPDGF). Greenbushes has been in operation for over a quarter of a century, making it the longest continuously running mining area in the state. Mount Marion, a joint venture between Mineral Resources (ASX:MIN,OTC Pink:MALRF) and Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772), is another key lithium mine in Australia. The mine is located in the Yilgarn Craton, southwest of Kalgoorlie.
Australia also holds over 4.8 million MT of identified JORC-compliant lithium reserves, which puts it behind Chile. It is worth noting that most of the country’s lithium supply is exported to China as spodumene.
Mine production: 44,000 MT
Lithium miners in Chile increased the nation's output from 38,000 MT of lithium in 2022 to 44,000 MT last year, making it the second top lithium producer in the world. Unlike Australia, where lithium is extracted from hard-rock mines, Chile’s lithium is found in lithium brine deposits.
The Salar de Atacama salt flat in Chile generates roughly half the revenue for SQM (NYSE:SQM), a top lithium producer. The Salar de Atacama is also the home of another top lithium brine producer — US-based Albemarle.
In April 2023, market participants and lithium miners were surprised by the Chilean government's plans to nationalize the lithium industry. While ultimately it wasn't a true nationalization, the country is moving to gain controlling stakes in lithium assets in the Salar de Atacama and Maricunga through its state-owned mining company Codelco.
SQM has signed an arrangement with Codelco that will allow it to continue operations in the Salar de Atacama until 2060. The two companies will create a new entity for the operations, with Codelco owning 50 percent plus one share of the company. Albemarle recently agreed to a deal that will give it the option to raise its production quota by meeting certain conditions. In March 2024, Chile also opened over two dozen other salt flats for private investment.
Mine production: 33,000 MT
China came third for lithium production in 2023, beating fourth place Argentina significantly. The Asian country saw its lithium supply grow to 33,000 MT last year from 22,600 MT the year prior.
China is the largest consumer of lithium due to its electronics manufacturing and EV industries. It also produces more than two-thirds of the world’s lithium-ion batteries and controls most of the world’s lithium-processing facilities. China currently gets the majority of its lithium from Australia, but it is looking to expand its capacity.
In January of this year, China announced the discovery of a massive million-metric-ton lithium deposit in the country's Sichuan Province. However, China's lithium production capacity is unlikely to increase much in 2024 as slowing EV demand in the country has in turn dampened demand for lithium.
Mine production: 9,600 MT
Lithium producer Argentina’s output ticked up by 3,010 MT from 2022, with the nation putting out 9,600 MT in 2023.
It’s well known that Bolivia, Argentina and Chile make up the Lithium Triangle. Argentina’s Salar del Hombre Muerto district hosts significant lithium brines, and its reserves are enough for at least 75 years.
At present, lithium mining in the country consists of two major brine operations currently in production and 10 projects that are in development. Analysts at consultancy firm Eurasia Group project that Argentina’s lithium production has the potential to grow approximately tenfold by 2027, as per CNBC.
One of the largest lithium miners in Argentina is Arcadium Lithium (ASX:LTM,NYSE:ALTM), the result of the January 2024 merger of Livent and Allkem. The new entity is the third largest lithium producer in the world.
Mine production: 4,900 MT
Lithium production in Brazil has taken off in the last several years, catapulting it onto the list of the top lithium-producing countries. After achieving output of 400 MT or less from 2011 to 2018, the country’s production hit 2,400 MT in 2019. Brazil saw another significant jump last year, when its lithium output rose by 2,270 MT over 2022's 2,630 MT.
Brazil's government plans to invest more than US$2.1 billion by 2030 into expanding the nation's lithium production capacity. At the state level, in 2023 the Minas Gerais government launched the Lithium Valley Brazil initiative, which is aimed at promoting investment in lithium mining. The program includes four publicly listed lithium companies with assets in the state's Jequitinhonha Valley: Sigma Lithium (TSXV:SGML,NASDAQ:SGML), Lithium Ionic (TSXV:LTH,OTCQX:LTHCF), Atlas Lithium (NASDAQ:ATLX) and Latin Resources (ASX:LRS,OTC Pink:LRSRF).
Mine production: 3,400 MT
Zimbabwe's lithium output has grown exponentially in a short space of time. Just a few years ago, in 2021, the African nation's output came in at only 710 MT. As of 2023, that figure has grown by 378 percent to reach 3,400 MT of the battery metal. Total reserves in Zimbabwe stand at 310,000 MT, as per the US Geological Survey.
In December 2022, Zimbabwe banned the export of raw lithium in an effort to build out the nation's capacity to process battery-grade lithium domestically. The ban excludes companies that are already developing mines or processing plants in Zimbabwe. Lithium concentrate is now on track to become Zimbabwe's third biggest mineral export, behind gold and platinum-group metals, reported Reuters in November 2023.
Lithium-producing countries in Africa have attracted much attention from Chinese firms in recent years, especially Zimbabwe. Sinomine Resource Group (SZSE:002738), for example, bought a stake in Zimbabwe's emerging lithium industry with the purchase of the Bikita mine, the African nation's oldest lithium mine.
Zimbabwe's other key lithium mines include Zhejiang Huayou Cobalt's (SHA:603799) Arcadia mine and state miner Kuvimba Mining House’s Sandawana mine. A few other advanced lithium projects reached the pilot plant production stage in 2022 and 2023: Premier African Minerals' (LSE:PREM) Zulu lithium-tantalum project; Chengxin Lithium's (SZSE:002240) Sabi Star lithium-tantalum mine; and Lonosphere Investment's open-pit mine in Mataga Mberengwa. Pilot plant stage production is not typically included in total global lithium supply estimates.
Mine production: 3,400 MT
Canada's lithium production for 2023 was on par with Zimbabwe's 3,400 MT. The North American nation substantially increased its production of the battery metal with a rise of more than 553 percent from the previous year.
While Canada is home to a wealth of hard-rock spodumene deposits and lithium brine resources, much of it remains underdeveloped. In an effort to grow a strong North American lithium supply chain for the battery industry, the government has invested in a number of lithium projects, including C$27 million for E3 Lithium (TSXV:ETL,OTCWX:EEMMF), a lithium resource and technology company, and C$1.07 million to Prairie Lithium.
Taking it further, in November 2023, the Canadian government launched the C$1.5 billion Critical Minerals Infrastructure Fund. The fund seeks to address gaps in the infrastructure required for the sustainable development of the nation’s critical minerals production, including battery metals like lithium.
Canada's efforts were rewarded in early 2024, when BloombergNEF gave the nation the top spot in the fourth edition of its Global Lithium-ion Battery Supply Chain Ranking.
Mine production: 380 MT
Portugal's lithium production dropped by two-thirds in 2022, coming in at 380 MT compared to 900 MT in the previous year. For 2023, the European nation's lithium output remained at 380 MT. The dramatic decline is attributed to public backlash against the environmental impact of lithium mining.
Most of Portugal's lithium comes from the Gonçalo aplite-pegmatite field. Despite this lithium-producing country’s comparatively low output, Portugal’s lithium reserves stand at 60,000 MT.
Mine production: withheld
In the final place on this top lithium-producing countries list is the US, which has withheld production numbers to avoid disclosing proprietary company data. Its only output last year came from two operations: a Nevada-based brine operation, most likely in the Clayton Valley, which hosts Albemarle’s Silver Peak mine, and the brine-sourced waste tailings of Utah-based US Magnesium, the largest primary magnesium producer in North America.
There are a handful of major lithium projects underway in the US, including Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass lithium claystone project, Piedmont Lithium’s (ASX:PLL,NASDAQ:PLL) hard-rock lithium project and Standard Lithium’s (TSXV:SLI,OTCQX:STLHF) Arkansas Smackover lithium brine project.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location and abundance of mineral wealth.
In 2023, the country reclaimed its title as Africa's number one producer of gold. And gold isn't the only precious metal to be found in the country. Ghana is also home to significant lithium reserves, with c. 180,000 tonnes of estimated resources.
Located between Europe, the United States and China, Ghana is perfectly positioned to serve as an important hub for the global supply of the battery metal.
Australian lithium exploration and development company Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage this opportunity through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for use in electric vehicle batteries, helping drive the transition to decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that, considering its current 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t, FOB Ghana Port, Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability. Through simple open-pit mining, three-stage crushing and conventional Dense Media Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, delivering US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.5 billion and an internal rate of return of 105 percent.
Atlantic Lithium intends to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue, which will reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
In return, Piedmont will receive 50 percent of the spodumene concentrate produced at Ewoyaa, providing a route to consumers through several major battery manufacturers, including Tesla. With 50 percent of its offtake still available, Atlantic Lithium is one of very few near-term spodumene concentrate producers with uncommitted offtake.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to roughly 800 personnel at Ewoyaa and, through its community development fund whereby 1 percent of retained earnings will be allocated to local initiatives, will deliver long-lasting benefits to the region and to Ghana.
Atlantic Lithium also has the potential to capitalise upon considerable additional upside across its extensive exploration portfolio — potential it intends to leverage to the fullest as it becomes an early mover in West African lithium production.
Set to be Ghana's first lithium-producing mine, Atlantic Lithium's flagship Ewoyaa Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce. A definitive feasibility study (DFS) released in June 2023 confirmed the project's economic viability and profitability potential, indicating a 3.6-Mt spodumene concentrate production over the mine's 12-year projected life.
Atlantic Lithium is currently in the process of securing a mining lease for the project, which will enable the commencement of the permitting process. Through the deployment of a Modular DMS plant, which will process 450,000 tons of ore as the main 2.7-Mt processing plant is being constructed, the mine is expected to deliver first production in 2025.
Atlantic Lithium currently has two applications pending for an area of roughly 774 square kilometres in the West African country of Côte d'Ivoire. The underexplored yet highly prospective region is known to be underlain by prolific birimian greenstone belts, characterised by fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The area is also incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission line within roughly 100 kilometres of the country's capital, Abidjan.
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies both as an executive and as an investor for over 25 years. Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company.
Prior to this, Herbert was a director of resource investment company Galahad Gold, after which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raise US$400 million in equity financing and negotiate the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing. Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia.
Prior to that, Muller served as operations manager and senior mining engineer at Simec. He holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, she worked across several sectors including healthcare, insurance, retail and professional services. Harsas is a chartered accountant, holds a Bachelor of Business and has international experience in Asia, Europe and the US.
Len Kolff has over 25 years of mining industry experience in the major and junior resources sector. With a proven track record in deposit discovery and a particular focus on Africa, Kolff most recently worked in West Africa and was instrumental in the discovery and evaluation of the company’s Ewoyaa Lithium Project in Ghana, as well as the discovery and evaluation of the Mofe Creek iron ore project in Liberia. Prior to this, he worked at Rio Tinto with a focus on Africa, including the Simandou iron ore project in Guinea and the Northparkes Copper-Gold mine in Australia.
Kolff holds a Master of Economic Geology from CODES, University of Tasmania and a Bachelor of Science (Honours) degree from the Royal School of Mines, Imperial College, London.
Patrick Brindle currently serves as executive vice-president and chief operating officer at Piedmont Lithium. He joined Piedmont in January 2018. Prior to this, he held roles as vice-president of project management and subsequently as chief development officer.
Brindle has more than 20 years' experience in senior management and engineering roles and has completed EPC projects in diverse jurisdictions including the United States, Canada, China, Mongolia, Australia and Brazil. Before joining Piedmont, he was vice-president of engineering for DRA Taggart, a subsidiary of DRA Global, an engineering firm specialising in project delivery of mining and mineral processing projects globally.
Kieran Daly is the executive of growth and strategic development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the global head of strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe is a mining geologist responsible for the mining-related geology and resources of Assore’s subsidiary companies (comprising the pyrophyllite and chromite mines) and is also concerned with the company's iron and manganese mines. She has been the Assore group geologist since 2013 and involved with strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP and the GSSA.
Jonathan Henry is a senior executive with significant, global listed company experience, primarily in the mining industry, having held various leadership and board roles for nearly two decades. Henry is currently the non-executive chair of Toronto Venture Exchange-listed (TSX-V) Giyani Metals. He has been heavily involved in the strategic management and leadership of projects toward production, commercialisation and, ultimately, the realisation of shareholder value. He has gained significant experience working across capital markets, business development, project financing, key stakeholder engagement (including public and investor relations), and the reporting and implementation of ESG-focused initiatives.
Henry was the executive chair and non-executive director at Euronext Growth and AIM-listed Ormonde Mining, non-executive director at TSX-V-listed Ashanti Gold, president, director and CEO at TSX-listed Gabriel Resources and various roles, including CEO and managing director, at London and Oslo Stock Exchange-listed Avocet Mining PLC.
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He was the chief executive officer of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021. As CEO, he oversees the management of Ghana’s equity interest in mining companies, manages all royalties paid to the state from mining activities and supports the growth of the mining industry through long-term, sustainable investments in the sector.
Koranteng was the business head for East, Central and Southern Africa for Ghana International Bank (GHIB) leading various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi. He also worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as the group head for energy, oil, gas and mining.
Koranteng is the co-founder of one of Ghana’s leading law firms, Koranteng & Koranteng Legal Advisors, and currently sits on the boards of major gold producer Asante Gold Corporation, the Minerals Income Investment Fund, and Glico General Insurance Ltd in Ghana.
Aaron Maurer is a senior-level business executive with over 25 years’ international multi-commodity mining experience, overseeing strategic, operational and financial performance. Over his career, he has held several engineering, production, operational and senior executive roles. Before joining Atlantic Lithium, he served as executive general manager - operations at Minerals Resources, where he oversaw the Mt Marion Lithium mine and three iron ore mines in Western Australia. He was previously the managing director and CEO of PVW Resources and general manager (site senior executive) at Peabody Energy Australia.
His significant expertise spans the development and implementation of safety and cost-saving initiatives, change management, strategic planning, business development and employee development. Maurer holds a Master in Corporate Finance and a Bachelor of Engineering (Mining).
Roux Terblanche is a mineral resource project delivery specialist with proven African and Australian experience working for owners, EPCMs, consultants and contractors. He has a wide range of commodity experiences, including lithium, gold, copper, diamonds and platinum. He has proven to add value and deliver projects safely, on time and within budget.
Terblanche has worked in the UAE and across Africa, including Ghana, the DRC, Burkina Faso, Zambia, Rwanda, Botswana and Senegal. He was instrumental in increasing the operating footprint of an international construction company across Africa and was integral to the building of the Akyem, Tarkwa Phase 4 and Chirano mines in Ghana.
Terblanche holds a national diploma in mechanical engineering, a diploma in project management and a Bachelor of Commerce from the University of South Africa.
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and west African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Africa having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental in establishment of the current development team and defining Ghana’s maiden lithium resource estimate. He is based at the project site in Ghana.
