The lithium market could benefit from a Joe Biden victory, noted Albemarle Corp. CEO Kent Masters, as quoted by Bloomberg. “There’s the incentives, and the emphasis that’s put on electrification and EVs around that. The market side of it would be more favorable with Biden.”
In addition, according to Goldman Sachs analyst, Mark Delaney, a Biden win could also boost further electric vehicle adoption, which could boost lithium demand even more. Plus, with governments around the world pushing for a greener, EV future, lithium will be under heavy demand. Remember, California Gov. Gavin Newsom, for example just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. In addition, analysts at Citi say the “lobal glut of the energy-storing metal will dissipate by the middle of next year as demand for electric vehicles (EVs) accelerates,” as noted by Forbes.
The news is creating excitement for E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), Lithium Americas (NYSE:LAC), American Lithium Corp. (OTC:LIACF) and Galaxy Resourced Limited (OTC:GALXF).
E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF) BREAKING NEWS : E3 Metals Corp ., an emerging lithium developer and leading lithium extraction technology innovator, today announced the results of its Preliminary Economic Assessment (“PEA”) of its 100% owned Clearwater Project. The PEA outlines the estimated production of 20,000 tonnes per year of battery-quality lithium hydroxide monohydrate over a 20-year period. The Company will file the PEA on SEDAR within 45 days. The PEA was prepared by Scovan Engineering, NORAM Engineering and Constructors, GLJ Ltd. and Fluid Domains, each being specialists in their field of practice specific to the development of this project.
Highlights:
- Pre-tax USD 1.1 Billion NPV at 8% discount rate and IRR of 32%;
- Total initial CAPEX estimate of USD 602.0 Million inclusive of both direct and indirect capital costs
- and 79.8 Million in contingency
- 20-year project-life producing 20,000 tonnes per year of battery-quality LHM. Over the project-life, a total of 400,000 tonnes of LHM is contemplated being produced from the Clearwater Resource, leaving room for expansion across the Clearwater Resource Area and in E3 Metals’ adjacent Exshaw and Rocky Resource Areas; and
- All-in operating costs of USD 3,656 per tonne LHM, USD 73.2 Million annually, including all direct and indirect costs.
- “E3 Metals is very encouraged by the results of this Preliminary Economic Assessment that incorporates a significant amount of data and work completed over the past few years to develop both the processes and technology” commented Chris Doornbos, President and CEO of E3 Metals. “The combination of electrochemically produced lithium hydroxide, targeted process re-cycle streams, and relatively low cost of energy in Alberta has resulted in a very attractive trade-off between OPEX and CAPEX. This provides a robust OPEX capable of withstanding lithium hydroxide price fluctuations. We are very excited to be moving forward with the project development work into 2021 as we progress on the path to a Pre-Feasibility Study.”
Other related developments from around the markets include:
Albemarle Corporation (NYSE:ALB), a leader in the global specialty chemicals industry, announced that its site in Kings Mountain, N.C., was recently recognized by the Wildlife Habitat Council (WHC) for its excellence in corporate conservation in the Pollinator Project category at the 2020 WHC Awards. This recognition demonstrates the company's continued commitment to environmental stewardship. Albemarle's Pollinator Project Award follows the official WHC certification of the company's Kings Mountain pollinator garden earlier in the year. This award was received virtually at the 2020 WHC Awards held in early October. The WHC Awards honor excellence in corporate conservation across national and international companies spanning a variety of industry sectors. "We are thrilled to receive recognition from WHC for the continued care and focus that our team at Kings Mountain dedicates to a critically important environmental effort," said John Kuhn, Albemarle Environmental Manager.
Lithium Americas Corp. (NYSE:LAC) is pleased to provide a corporate update regarding the status of the Company and its projects. In addition, the Company has established an at-the-market equity program that allows the Company to issue up to US$100 million (or its Canadian dollar equivalent) of common shares from treasury to the public from time to time, at the Company’s discretion. “With over 60% of the capital costs spent and enhanced COVID-19 health and safety protocols in place, we remain fully-funded to advance Caucharí-Olaroz to production,” said Jon Evans, President and CEO. “In Nevada, the permitting process continues to progress as planned with the public comment period complete on the Draft EIS and local support with the recently approved tax abatements from the Governor’s Office of Economic Development. Finally, the Company has decided to implement an ATM Program to strengthen our position as we advance discussions with potential partners and customers at Thacker Pass.”
American Lithium Corp. (OTC:LIACF), a leading lithium exploration and development operator is pleased to report the completion of a Real Estate Property Purchase Agreement to acquire over 300 acres of privately held lands and the accompanying 1,176 acre-feet of water rights pursuant to a previously signed Letter of Intent (See Company news release dated July 27th, 2020). Pursuant to the terms of the agreement, $300,000 USD has now been paid to the vendor, leaving $1 million to be paid in equal annual installments over the next four years. The land and water acquisition provides a private land holding on which the Company is preparing to develop a pilot plant to continue process evaluation work for the Company’s wholly owned TLC lithium project near Tonopah, Nevada.
Galaxy Resourced Limited (OTC:GALXF) is pleased to advise an update to Mt Cattlin’s customer base after executing a new spodumene concentrate offtake agreement commencing in January 2021. Chengxin has agreed to purchase 60,000 dmt (+/- 10%) of 6% Li2O spodumene concentrate from Mt Cattlin in each year, 2021, 2022 and 2023. Pricing for spodumene shipments will be on a spot cargo basis for 2021 moving to a market-based pricing formula for the remaining two years. Shipments will be on a CIF (Cost, Insurance and Freight) basis.
Galaxy also advises that the offtake agreement with Yi Chun Yin Li New Energy Co., Ltd (Jiangte) has been terminated, with that tonnage now allocated to Chengxin.
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