- Critical Elements Lithium (TSXV:CRE) has ordered the first long lead equipment for its Rose lithium-tantalum project in Québec
- The top-performing Canadian lithium stock ordered the equipment with the longest lead time to manufacture, namely transformers (315 kV to 25kV) for the main power station of the project
- The wholly owned Rose project is the first to be advanced by the company within its 1,050 square kilometre land package
- Critical Elements Lithium stock opened trading at C$1.65 per share
Critical Elements Lithium (TSXV:CRE) has ordered the first long lead equipment for its Rose lithium-tantalum project in Québec.
The top-performing Canadian lithium stock ordered the equipment with the longest lead time to manufacture, namely transformers (315 kV to 25kV) for the main power station of the project. The order was concluded with one of the leaders in the design and construction of industrial transformers, the Italian company Tamini Trasformatori Srl.
To meet the electrical energy needs of the project, the team will install two electrical transformers with a ventilation stage during construction. The two transformers will operate simultaneously to supply the site and the operating processing plant. A single transformer will be able to support all loads in the event of failure of one of the two transformers. In order to reduce greenhouse gases and reduce the use of diesel generators, the sub-station will be able to support electrical energy at the end of the construction period with only one transformer.
“This is another step towards the development of the Rose Lithium-Tantalum Project,” Jean-Sébastien Lavallée, Critical Elements Lithium’s CEO, said in a statement. “With every step completed, management’s confidence increases in achieving the corporation’s goal to make a final investment decision, commence construction, and achieve initial production in 2026.”
The wholly owned Rose project is “one of the most advanced hard rock lithium projects in North America,” according to the company, and the first to be advanced by the company within its 1,050 square kilometre land package.
In May 2022, the Québec Minister of Natural Resources and Forests approved the rehabilitation and restoration plan concerning the project.
A feasibility study for Rose’s production of spodumene concentrate estimates an after-tax internal rate of return of 65.7 per cent and after-tax net present value of US$2.2 billion at an 8 per cent discount rate. These figures are supported by Québec’s low-cost, low-carbon power grid featuring 94 per cent hydroelectricity.
Critical Elements Lithium Corp. intends to supply lithium to the electric vehicle and energy storage system industries.
Critical Elements Lithium stock opened trading at C$1.65 per share. The stock is up by 1.2 per cent over the past month.
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