- Canadian lithium stock Lithium Ionic (TSXV:LTH) has potentially accelerated regulatory approval for its Itinga and Salinas projects in Brazil
- The company signed a memorandum of understanding (MOU) with a local government that grants priority to the projects’ regulatory approval
- Lithium Ionic is a Canadian mining company exploring and developing lithium properties in Brazil
- The Canadian lithium stock (TSXV:LTH) last traded at $2.35 per share
Canadian lithium stock Lithium Ionic (TSXV:LTH) has potentially accelerated regulatory approval for its Itinga and Salinas projects in Brazil.
The company signed a non-binding MOU with the State Economic Department of Minas Gerais and the Minas Gerais Integrated Development Institute, together referred to as Invest Minas, to support battery development in the region.
The MOU grants Itinga and Salinas priority status in the state, which will lead to a streamlined but no less rigorous regulatory approval process for environmental licensing, project development and operation.
For its part, Lithium Ionic must use local suppliers and talent where possible throughout every phase of the projects.
The company’s June 2023 NI 43-101 mineral resource estimate for Itinga found 7.57 million tonnes (Mt) grading 1.40 per cent lithium oxide (Li2O) measured and indicated and 11.86 Mt grading 1.44 per cent Li2O inferred.
A 50,000 m expansion and definition drilling program is underway, with a preliminary economic assessment slated for Q3 2023.
“We are very pleased to solidify our existing partnership with the State of Minas Gerais with an agreement that highlights our mutual desire to cooperate on all levels to advance the battery materials industry in the region, fostering economic prosperity that will attract future investments in the state,” Blake Hylands, Lithium Ionic’s CEO, said in a statement.
“With Itinga and Salinas now being considered priority projects within the State of Minas Gerais government, we believe we can look forward to a more efficient and accelerated approval process as we advance towards our goal of quickly becoming a lithium producer,” he added.
Lithium Ionic is a Canadian mining company exploring and developing lithium properties in Brazil.
The Canadian lithium stock (TSXV:LTH) last traded at $2.35 per share.
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