LAC Q3 is outNothing is exciting about it. Here is the summary.
tiger
Highlights
Cauchari-Olaroz lithium project ("Cauchari-Olaroz"):
-- Construction activities are on schedule to support the start of production by early 2021.
-- Overall the project is 25% complete with 42% of construction capital costs committed including 24% spent.
-- 13 of the 40 production wells are complete with a further seven under execution.
-- Earthworks for the ponds is 70% complete with five ponds lined, three more in progress and four filled with brine.
-- Erection of a warehouse and a soda ash storage building is well advanced.
-- Process plant construction continues on schedule to support mechanical completion by the end of 2020.
-- Currently 730 people are working on Cauchari-Olaroz, including 265 employees and 465 contractors.
-- In August, Ganfeng Lithium Co. Ltd. completed a $160.0 million investment ("Project Investment") in Cauchari-Olaroz increasing its interest to 50% from 37.5% and reducing the Company's interest from 62.5% to 50%.
-- Lithium Americas' 50% share of Cauchari-Olaroz's construction costs is expected to be fully-funded with $221.0 million still available under the Company's credit and loan facilities.
-- Completed and filed on SEDAR a definitive feasibility study for production capacity of 40,000 tonnes per annum of battery-quality lithium carbonate.
Thacker Pass lithium project ("Thacker Pass"):
-- Plan of Operation deemed complete by Bureau of Land Management with major permits for Phase 1 expected to be received by the end of 2020.
-- Partnered with Sawtooth Mining LLC, a subsidiary of NACCO Industries, Inc. (NYSE:NC) and The North American Coal Corporation, in a long-term mining contract to provide mine engineering, construction, operation and reclamation services as well as certain mining equipment.
-- Produced over 5,000 kg of high-quality lithium sulphate at the process testing facility in Reno, Nevada.
-- Engaged third-party vendors to engineer and design lithium carbonate and lithium hydroxide evaporator and crystallizer as well as provide performance guarantees and product samples.
-- Commenced a definitive feasibility study with a Phase 1 production capacity of 20,000 tonnes per annum lithium carbonate equivalent which is expected to be complete by mid-2020.
-- Entered into a contract with The Industrial Company to complete key aspects of the feasibility study.
-- Project permitting and DFS costs are expected to be funded from available cash on hand.
-- Exploring financing options, including the possibility of a joint venture partner at Thacker Pass.
https://www.theglobeandmail.com/investing/markets/stocks/LAC-N/pressreleases/3949226/