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The New Chilean National Lithium Policy
Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) is pleased to provide updated comments on the recent announcement of the new National Lithium Policy in Chile, and the potential impact it will have on the company’s Maricunga lithium brine project.
On the evening of 20 April 2023, Chilean President Gabriel Boric announced the long awaited National Lithium Policy (“NLP” or the “Policy”). The NLP outlines the plans for the future implementation of lithium exploration and exploitation policies that are intended to bring Chile back to the forefront of global lithium production.
The NLP is different from the position of previous administrations, with this new policy being the result of a consultation process with a wide variety of stakeholders nationally and internationally. It has also taken into consideration the objectives of the Chilean State, including its role to participate in the efficient and rapid development of the lithium industry. This is of strategic concern both to Chile and the world as society moves towards “electrification.” LPI and its subsidiary Minera Salar Blanco have been in constant dialogue with the Chilean government and private institutions that have participated in the development of the NLP.
Lithium Power International’s Director and MSB’s Chairman, Russell Barwick, commented:
“We are pleased that the National Lithium Policy, as presented last week in Santiago, is very much along the lines of what was discussed and expected in our various discussions with Chilean authorities. While a central part of the strategy focuses on current operations and future exploitation of the Atacama Salar, there is also an outline on the future development of projects in other Chilean Salars. This is the case with our flagship Maricunga Project, which is the largest, most advanced and fully permitted pre-construction lithium project in Chile.”
Even though the Policy has primarily concentrated its focus on the huge lithium resource within the Atacama salar, LPI wishes to clarify some core elements of the new Policy as it relates to the Company’s Maricunga Project and assets:
- The Maricunga Stage One project is fully permitted for construction. Its Environmental Permit (“EIA”) was approved in 2020 by the “Servicio de Evaluación Ambiental” (“SEA”), which was explicitly mentioned by President Boric as the government agency in charge of environmental aspects of any future project in Chile. LPI’s EIA permit was ratified by the Committee of Ministers of the Chilean Government in 2022, rejecting all the objections submitted by third parties. It also obtained the necessary Chilean Nuclear Energy Commission (“CCHEN”) permit in 2018 that allows LPI to export lithium products from Chile.
- With regards to the inclusion of communities and the environmental and technical aspects mentioned on the new Policy, LPI’s Maricunga Stage One project development serves as an example by incorporating all social and community agreements as an integral part of its environmental permit. This includes Maricunga being one of the few projects in Chile with a comprehensive indigenous consultation process executed by the Government under the ILO Convention 169, defining a new standard of social relationships. The Company is proud of these achievements in promoting community participation over the long-term.
- The Maricunga project has established broad ranging the sustainable development initiatives, which sets a unique and complete ESG profile standard for the future of the project. LPI’s corporate vision aims to make the Maricunga Project one of the first lithium operations globally to achieve carbon neutrality.
- The Company confirms that its wholly owned subsidiary Minera Salar Blanco (“MSB”), is the sole owner of the property and concessions of both Stage One and Stage Two of the Maricunga Project. There are no current legal processes challenging this aspect of the project. This is a fundamental difference from the current operations in the Atacama Salar, where state-owned company CORFO is the owner of the properties and concessions. CORFO then leases these concessions to the current operators in Atacama for a set period of time. It is also important to note that the mining concessions that serve as the base for the Maricunga Stage One project, were given by the Chilean Government, before 1979 when only then did lithium become defined as a strategic material.
- The Maricunga Stage One concessions, because of their pre-1979 “Old Code” status, do not require a CEOL (Special Lithium Operation Contract) for exploitation. The Stage One project is shovel ready, and currently awaiting the closing of its financing process to begin construction.
- It is important also to clarify that a CEOL does not provide any claim to ownership over the area included under the CEOL contract. CEOL’s explicitly establish, that holders of the CEOL have no rights to enter the area, or execute any activity, (exploration or exploitation ), without a previous negotiation with the owners of the mining concessions.
- LPI embraces the possibilities for future public-private alliances as declared by the NLP, for the development of Stage Two for the Maricunga project, which involve its post-1979 or “New Code” concessions. The Company will continue to work closely with the Chilean Government to transform the Maricunga Stage Two project into the first example of a public-private alliance under the new parameters established by the new Policy.
- The Company acknowledges the existence of the Australia–Chile Free Trade Agreement (“FTA”), which came into force in 2009, being the first FTA between Australia and a Latin American country, as well as the Trans-Pacific Partnership (“TPP”) recently ratified by Australia and Chile. Both international arrangements will positively support these public- private alliances and also incorporate clear mechanisms for investment protection under international law.
- The new Policy does not constitute a nationalisation of the lithium industry in Chile. Its objective, as clarified by the Mining Minister, is to set the conditions and parameters for the country to have a more active involvement and higher financial returns in a strategic industry, particularly where those lithium resources are located on concessions already owned by the Chilean State on the Atacama Salar. The NLP also seeks to accelerate the development of new projects in the country.
- LPI is currently evaluating a number of financing options for the Maricunga Stage One project, ranging from strategic equity investment from potential offtake partners to debt/equity financing alternatives. The announcement and future implementation of the NLP is timely to provide the clarity and certainty required by financiers/investors on the parameters under which the Maricunga project will be developed.
Lithium Power International’s Chief Executive Officer, Cristobal Garcia-Huidobro, commented:
“We are very pleased to see that our hard work over the last seven years of advancing Maricunga Stage One project have been reflected in a development that closely mirrors the objectives of the newly announced National Lithium Policy. Technical advancement and innovation, environmental and social responsibility of the highest standard, and landmark community agreements that provide the community the opportunity to share in the exciting future of the growing lithium industry, are all in line with the objectives of the Strategy. We embrace the objective of Chile’s current administration to promote public-private associations as the path forward for the development of the Maricunga Stage Two project.
Since the announcement of the Strategy, there have been a number of differing opinions as to the effectiveness, practicality, and legality of the National Lithium Strategy and its objectives. LPI wants to clarify, that it believes the Policy is not a “one size-fits all” proposed legislation, and there are several specific elements that differentiate LPI’s Maricunga Project from the rest of the existing operations or future lithium projects in Chile. Rather than focus on what the legislation means for the future of the Chilean lithium industry, our focus is on what it means for our Maricunga lithium project and how it will transform the Chilean lithium industry through its development. At LPI, we welcome President Boric’s National Lithium Strategy and its objective to positively transform the Chilean lithium industry. Moreover, we are pleased to say we believe this strategy not only benefits LPI’s Maricunga Project but has the potential to accelerate the development of our Stage Two project. As such, we look forward to continuing our work with the Chilean Government to advance Maricunga.”
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This article includes content from Lithium Power International, 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.
Appendix 5B Cash Flow Report June 2023
Lithium Power International Limited (ASX:LPI) (“LPI” or “the Company”) has released its Quarterly Cash Flow Report.
This article includes content from Lithium Power International, 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.
Quarterly Cashflow Report - March 2024
Jindalee Lithium Limited (Jindalee, the Company) has released its Quarterly Cash Flow Report.
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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.
Quarterly Activities Report
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners
- Exceptional metallurgical testwork results to feed into McDermitt PFS, with value enhancement opportunities identified
- Board and management enhanced with the commencement of Ian Rodger as CEO and Wayne Zekulich as Non-Executive Chair
US LITHIUM
McDermitt Lithium Project (Jindalee 100%)
In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (USA) (Figure 1)1.
The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource (Table 1), with the deposit remaining open to the west and south (Figure 1).
Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding.
Exploration Target
On 21 November 2023 Jindalee announced an independently estimated Exploration Target Range (ETR) at McDermitt of 300 – 700 Million tonnes at 1,100 – 1,400 ppm Li (at 1,000ppm Li cut-off) (Table 2, Figure 1)2.
The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).
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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.
Quarterly Activities Report for Period Ending 31 March 2024
Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) is pleased to provide its Activities Report for the quarter ending on 31 March 2024 (“the Quarter”).
Highlights
- During the Quarter, Sichuan Hebang Biotechnology Corporation Limited (“Hebang”) was progressing a Scoping Study for the development and operation of the Yellow Phosphorus Plant (“YP”) at Wonarah. The YP Scoping Study will form the basis for Avenira and Hebang to negotiate binding agreements covering the funding, construction and offtake of the YP Project.
- Successful capital raising announced on 18 March 2024 with gross proceeds of $1.251 million and net proceeds to AEV of $1.193 million (Capital Raising).
- The Company repaid the secured convertible loan owed to Au Xingao Investment Pty Limited including principal, interest and costs.
Events Subsequent to the Quarter
- Advanced Lithium Electrochemistry Ltd (“Aleees”) and Avenira agreed to deferral of the two remaining USD$750,000 tranches owing under the License and Technology Transfer Agreement entered into on 26 September 2023 until 1 January 2025 and 1 April 2025.
- Hebang has provided to Avenira a draft executive summary of the YP Scoping Study which is currently under review by Avenira.
Yellow Phosphorus Project
On 4 December 2023, Avenira announced that it had secured a binding strategic equity investment of A$2 million and a non-binding Strategic Cooperation and Offtake Memorandum of Understanding (“MOU”) from Sichuan Hebang Biotechnology Corporation Limited (“Hebang”)1.
The MOU outlined Hebang’s commitment to contribute to the investment, construction and operation of a Yellow Phosphorous Plant at Wonarah with an initial nameplate capacity of 50ktpa.
The Scoping Study will leverage on Hebang’s extensive experience and capabilities in building, commissioning and operating plants around the world.
Avenira will provide further details regarding the YP Scoping Study upon Hebang and Avenira agreeing to its findings.
Hebang is a company listed on the Shanghai Stock Exchange with over 6,700 employees, that focuses on the manufacture of agricultural (including feed nutrients and herbicides) and photovoltaic products. Its products assist in weed control and increase yields in food crops to feed the world’s growing population, with yellow phosphorus being one of its key ingredients in the manufacturing process.
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This article includes content from Avenira 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.
Quarterly Report - March 2024
HIGHLIGHTS
Previous Galaxy Resources CFO Joins Lithium Universe Team
- Appointment of Mr John Sobolewski as CFO
- Highly experienced in modelling DFS stage projects
- Previously CFO of Galaxy Resources
- Previously CEO of Mintrex
- Instrumental in the funding of Mt Cattlin Mine and Jiangsu Refinery
Comprehensive Test Program For Lithium Carbonate Refinery In Progress
- Metallurgical testing on various international sources of spodumene
- Spodumene feedstock optionality whilst Canadian supply develops
- Targeted Refinery site has river and port access for global spodumene supply
- First program achieves 99.7% LiCO3 above the battery grade spec of 99.5% LiCO3
Lithium Universe Secures Quebec Prime Industrial Land For Lithium Refinery
- Secured prime industrial property in the Bécancour Waterfront Industrial Park (BWIP)
- Strategic location, hydroelectricity, gas, road, rail, and spodumene import facilities
- The site has the capability for three 16,000 tpa Lithium Carbonate refineries
- Located within 1km of General Motors/POSCO Cathode factory and Ford/EcoPro BM Cathode factory and 140km from Northvolt's EV battery facility at Saint-Basile-le-Grand
- Favourable terms including no option fee until July 2024 and option term of 3 years
Completion of Port Study for Spodumene Import to Lithium Carbonate Refinery
- Completion of port study focussed on identifying optimal import of spodumene to Bécancour Lithium Refinery
- Spodumene feed, to be sourced from within Canada or external locations such as Brazil, Africa, or Australia
- Ability to directly import spodumene into the Bécancour lithium refinery
- Trois-Rivières, Sorel, Québec, Montreal, and Bécancour ports evaluated
- Preferred port for the project will be the Bécancour port
Lithium Universe Launches Share Purchase Plan
- Share Purchase Plan (SPP) offered to raise working capital and reward former Mogul Games Group Limited and IPO shareholders
- SPP at an issue price of $0.02 per share
- Represents a 9.09% discount to the closing price of $0.022 per share on 12 March 2024 and a 9.09% discount to the 5-day VWAP prior to the announcement
Closing the Lithium Conversion Gap in North America
- Lithium Universe to play pivotal role in closing the lithium conversion gap
- Target conversion contracts with OEMs who have spodumene off take
- Target "take or pay" agreements with OEMs to reduce market/price risks
- LFP batteries expected to capture 87% of the ESS market share by 2033
- Strong Federal and Provincial government financing support within the industry
- Lithium Universe committed to building through the lithium cycle
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This article includes content from Lithium Universe 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.
QXR Quarterly Activities Report for Period Ended 31 March 2024
HIGHLIGHTS
Liberty Lithium Brine Project, USA
- Two diamond drillholes were completed with numerous brine aquifers intersected in drillhole #2 and a similar geological sequence to Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA.
- Detailed downhole geophysics and packer sampling are being analysed by brine specialists.
- QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the Liberty Lithium brines.
Pilbara Iron Ore Project
- Encouraging Iron Ore Samples with up to 58.5% Fe in rockchip samples were returned from over 4km of a Banded Iron Formation (BIF) at Western Shaw, together with a comprehensive review of prior exploration.
Gold Projects – Queensland
- QX Resources holds gold project areas within the Drummond Basin that include two historical open pit gold mines. A detailed review is underway due to the success of a previous trenching program (Big Red and Red Dog) and significant anomalies nearby.
OPERATIONS
Liberty Lithium Brine Project, USA
The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1). The Company entered an Option to Purchase Agreement and an Operating Agreement to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.
Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2,3). Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).
Fine grained lake sediments with sandy layers were common from the top of hole underlain by gravels, conglomerates and coarse alluvial fan material. The geology intersected is similar in profile to the producing sequences of Clayton Valley NV, where Albemarle’s producing lithium brine deposit is located.
Detailed downhole geophysics and brine sampling was conducted with specific aquifers sampled using packer sampling. The intervals were determined from the downhole geophysical and geological logs.
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This article includes content from QX Resources, 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.
Quarterly Activities/Appendix 5B Cash Flow Report
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) Pursuit Minerals Limited (ASX:PUR) (Pursuit or the Company) is pleased to present its activities report for the quarterly period ended 31 March 2024.
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
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This article includes content from Pursuit Minerals, 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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