Eye on Lithium: Umicore eyes battery materials production plant in Canada
Umicore and the Government of Canada announced plans to construct a manufacturing facility that could begin producing battery cathode precursor materials and cathode active battery materials by the end of 2025, a move that will complete the missing link in Canada’s battery value chain.
With a target to start construction in 2023, Umicore is hoping the facility reaches an annual production capacity capable of powering roughly one million EVs by the end of this decade.
Great to finally see some #cathode momentum in North America – another big step for Canada’s #battery material ambitions. Mid stream build out essential to the prospects of developing localized #lithium #cobalt and #nickel supplies https://t.co/Dsxc9TC3Xg
— Andrew Miller (@amiller_bmi) July 14, 2022
This comes hot on the heels of an announcement made by the Belgian-based circular materials tech company only two weeks ago of its plans to build a $525m battery recycling facility in Europe that would be ’15 times’ the size of its current facilities.
For Umicore, this latest investment represents the final step in establishing a truly global production presence with battery material value chains that are regionally and fully integrated to support its customers in their fast transformation towards sustainable electric mobility.
The company is also in negotiations with several potential customers for production contracts in North America, which will form the basis for Umicore’s investment decision.
“Once the key customer contracts are in place, this expansion in North America would complete our global rollout of regional supply chains for our automotive and battery cell customers to now three continents,”, CEO of Umicore Mathias Miedreich says.
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A bit of a sad day for lithium miners – only 25 stocks finished in the green, 54 flatlined and 52 ended the day in the red.
1MC has met its first year expenditure requirement for the Fisk Lake Valley Lithium Project earn-in-option agreement with Lithium Corporation (LTUM).
Under the terms of the agreement, Morella was required to undertake exploration and development work to a total value of USD$200,000 by no later than August 17, 2022.
Morella notified LTUM that it had met its first-year expenditure requirement on July 13.
1MC’s expenditure was focussed on field-based geophysical surveys and data analysis, leading to the identification of multiple drilling targets following a passive seismic survey and magnetotelluric survey in the southern section of Fish Lake Valley Project area back in April.
AVZ updated the market with respect to the trading halt and subsequent voluntary suspension that has resulted in its securities being suspended from trading since May 10.
This has happened whilst the company awaits the grant of the Permit d’Exploitation and an update regarding its exploration rights for its flagship Manono Lithium and Tin Project in the south of the Democratic Republic of Congo (DRC) in central Africa.
AVZ said it “regrets that the voluntary suspension period has lasted longer than was intended”.
During this period, it has been actively engaged with the highest levels of the Government with respect to the grant of the Mining Licence and an update regarding its exploration rights for the Manono Project.
Whilst the company remains confident of a positive outcome, it will be necessary to continue the period of voluntary suspension as the subject of the initial trading halt request remains incomplete.
AVZ has requested a further extension to the voluntary suspension from the ASX until the commencement of trade on July 29, 2022 or an earlier announcement to the market regarding its mining and exploration rights for the Manono Project.
By mutual agreement, the company says Alex Biggs has left his position as managing director and CEO effective immediately.
“As a board, we thank Alex for his contribution – we will continue advancing the company’s projects and create value for our shareholders.”