MONTREAL, QC / ACCESSWIRE / July 12, 2021 / Critical Elements Lithium Corporation (the "Company" or "Critical Elements") (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) is pleased to announce that it has retained the services of Mr. Gerrit Fuelling as a lithium market and contracts expert for its hydroxide engineering study. Critical Elements announced the commencement of a Phase II engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate for the electric vehicle and energy storage system battery industries in a release dated June 7, 2021. Gerrit Fuelling has joined the team of highly regarded engineering consultants including Metso Outotec and WSP Canada that will contribute to the study.
Gerrit Fuelling, Diplom Ingenieur (TU Berlin), is an independent consultant based in Taipei, Taiwan. He is actively advising automotive OEMs and top tier battery manufacturers on lithium and cesium raw material sourcing, sales and marketing, and QA/QC, as well as providing services on raw materials pricing, term sheets, and lead negotiations. His high standing in the industry is based on decades of progressively more responsible industry experience with Chemetall GmbH and Rockwood Lithium Asia, a forerunner and subsidiary, respectively, of Rockwood Lithium. Mr. Fuelling recognized the growing importance of the Asian market in the lithium business in the 1990s, establishing deep sales channels, sophisticated pricing strategies, and an expansive client base. As President of Rockwood Lithium Asia from July 2011 to November 2015, he was instrumental in aligning and adjusting Rockwood's business towards the emerging battery business for e-mobility. Mr. Fuelling is part of the extensive network of former executives that worked with Dr. Steffen Haber, Critical Element's President and the former President and Chief Executive Officer of Rockwood Lithium. Rockwood Lithium was purchased by Albemarle Corporation for US$6.2 billion in January 2015.
"One of the key attributes of the advance and de-risk approach of Critical Elements' management is its conservatism," noted Chair of the Board of Directors Eric Zaunscherb. "Lithium market volatility is an important source of risk, and it is essential to have someone with Mr. Fuelling's hands-on experience and extensive industry awareness to provide the necessary lithium market input in the generation of the Phase II engineering studies. His market view will also be vital in the ongoing financial engineering to fund the two project phases, seeking to minimize the cost of capital and optimize the outcome on behalf of shareholders".
About Critical Elements Lithium Corporation
Critical Elements Lithium Corporation aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements Lithium is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is our first lithium project to be advanced within a highly prospective land portfolio of over 700 square kilometers. In 2017, the Corporation completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. Capital cost parameters were confirmed in 2019 by Primero Group in the context of a Guaranteed Maximum Price under an Early Contractor Involvement agreement, as a prelude to an Engineering, Procurement and Construction process. Detailed engineering for Phase I is expected to conclude this year as we also deliver technical studies for Phase II, the conversion of spodumene concentrate to high quality lithium hydroxide. In our view, Quebec is strategically well-positioned for US and EU markets and boasts exceptional infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. We have a strong, formalized relationship with the Cree Nation.