• South Korean steelmaker Posco invests in new project to produce 25,000 tonnes of lithium hydroxide per year
  • Eclipse’s Greenland project returns grab samples of up to 430ppm lithium
  • Infinity inks training and economic development agreement for community around its Spanish project

All your ASX lithium news for Wednesday, March 23.

 

South Korean steelmaker Posco has invested a massive $4 billion in a new lithium mining project in Argentina’s Salar de Hombre Muerto.

Argentina is part of the ‘lithium triangle’ which also includes neighbors Bolivia and Chile, home to one of the world’s largest lithium reserves.

The company plans to initially produce 25,000 tonnes of lithium hydroxide per year, reaching 100,000 tonnes once the venture is completed.

Argentina’s President Alberto Fernandez’s office said export value from the project is expected to total $260 million per year over the next 30 years.

 

Here’s how ASX lithium stocks are tracking today:

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A total of 54 stocks were in the green today, with 23 flatlining and 23 in the red.

 

Who’s got news out today? 

ECLIPSE METALS (ASX:EPM)

The company says grab samples from the Ivigtût and Grønnedal-Ika prospects at its Greenland multi-commondity project have returned up to 430ppm lithium.

Interestingly, the project was previously mined for cryolite at Ivigtût and has never been explored for lithium.

EPM says the samples are a globally rare lithium-bearing fluoride mineral with further work and a more systematic drilling and sampling approach required to determine the lithium potential at Ivigtût.

“Our grab sampling program at Ivigtût has identified cryolithionite, a lithium-bearing fluoride mineral that was first identified at the historic Ivigtût mine in the early 1900s,” executive chairman Carl Popal said.

“While cryolithionite was known to exist at Ivigtût, previous operators had no interest in lithium and, therefore, did not assay for it.

“The recognition of highly anomalous lithium is an exciting step in our work and provides us with a greater understanding of the complex, multi-commodity mineralisation at Ivigtût.”

Eclipse Minerals (ASX:EPM) share price today

 

INFINITY LITHIUM (ASX:INF)

The company is working hard to shore up community support in the Cáceres province of Spain where its San José project is based, signing a training and economic development agreement with the Group of Innovative Companies.

INF’s subsidiary Extremadura New Energies signed the deal with the group –founded by the Extremadura Electric Mobility Cluster (CarEX) and the business association LOABRE – to launch a lithium-ion battery training and development program.

The idea is to progress skills and training in the industrial energy storage sector, electric mobility and renewable energies within the framework of the European Battery Alliance (EBA) Battery Academy, which has allocated €10m to accelerate training and development in the lithium-ion battery value chain

And the companies are collaborating to allocate the first licences for upskilling and reskilling programs under the EBA Battery Academy for local members of the Group.

“This will turn Cáceres into a training hub for a sector that is only going to grow in importance,” Newly appointed Extremadura New Energies CEO Ramón Jinimnez Serrano said.

“It will provide young people from Cáceres with the skills and employability they need for the future.”

Infinity Lithium (ASX:INF) share price today

 

PIEDMONT LITHIUM (ASX:PLL)

Yesterday Piedmont announced a public offering of 1.5 million shares of its common stock but today the company has upsized that to 1.75 million shares to raise $113.75 million.

The funds are slated for the restart operations at North American Lithium in Quebec, to fund exploration and definitive feasibility studies at Eyowaa in Ghana, and advance the lithium hydroxide plant in the US and to continue development of the Carolina lithium project.

Earlier this month Piedmont released the Preliminary Economic Assessment (PEA) to expand planned US manufacturing capacity to 60,000 metric tons per year of lithium hydroxide.

The PEA assumes a 30-year life of operations with production of 30,000 metric tons per year of battery grade lithium hydroxide, projected capital costs of $572 million with a steady-state all-in-sustaining lithium hydroxide production cost estimate at $10,630 per metric tonne.

Piedmont Lithium (ASX:PLL) share price today