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CleanTech Lithium touts Chile progress on rig mobilisation at assets

Tue, 06th Dec 2022 16:47

(Alliance News) - CleanTech Lithium PLC on Tuesday said that it continues to make progress towards lithium production at its assets in Chile, following "very positive meetings" with the Chilean government.

CleanTech Lithium is a London-based, Chile-focused exploration and development company. It aims to produce material quantities of battery grade lithium by 2024 in order to offer the European electric vehicle market a green lithium supply.

At the company's Laguna Verde asset, resource drilling began in November at the LV06 well, accompanied by the installation of metal casing over its upper 42 metres. A second rig was also mobilised, so that drilling at LV06 and LV05 might proceed concurrently.

CleanTech Lithium said that its resource estimate for the asset was on track for the end of the first quarter. The site's pre-feasibility project is expected to complete in the second half of the year.

At Francisco Basin, improvements to road access continued. Updated resource estimates from wells FB02, FB03 and FB04 are expected by the end of the first half of 2023.

At Llamara, drilling is scheduled to begin in the first quarter of 2023, pending the receipt of key licences.

"We are delighted to see significant progress being made on many fronts," said Chief Executive Officer Aldo Boitano.

"Our drilling campaign at Laguna Verde has re-commenced and mobilisation to Francisco Basin is expected very shortly. We intend to announce the results of the Laguna Verde Scoping Study in the very near future and commence the PFS soon after."

During the period, a lab-scale direct lithium extraction demo unit was delivered to Copiapo, Chile, and is now being set up with the assistance of the CleanTech's processing partner, SunResin.

CleanTech said it was planning to open an office in Copiapo as the operational centre for the company in the coming weeks.

This follows news of the company's "very positive meetings" with central and regional authorities in the area, which aimed to secure local cooperation on plans to commence production at Laguna Verde in 2025.

Meetings regarding the asset were also held with SunResin representatives in Santiago.

Company representatives discussed plans to begin construction of its first 20,000 tonne per year lithium carbonate and hydroxide production facility at the project in 2024 - with SunResin confirming the plant could be delivered to the Shanghai port within eight months of being ordered.

"The recent board visit involved positive meetings with key government and regional representatives, all of whom expressed support for the company's objective to produce battery grade lithium in a relatively short timescale and in a sustainable manner," said CEO Boitano.

"They were pleased to see the company employing increasing numbers of locals and promoting the company's green credentials with local communities."

CleanTech Lithium shares closed 6.2% lower at 44.10 pence each in London on Tuesday.

By Holly Beveridge; Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

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