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LITHIUM
Canada Lithium makes appointments, orders major items for Quebec project
 
6th July 2011
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TORONTO (miningweekly.com) – Canada Lithium Copr (CLQ) has appointed three new managers and ordered the big-ticket items for its Quebec lithium mine, it said on Wednesday.

The orders include a ball mill, rod mill and kiln, as well as three 91-ton trucks.

CLQ said it appointed Donald Blanchet sustainable development VP, Jean Luc Bernier metallurgical superintendent and Marco Plourde as construction superintendent.

“We will now move rapidly into the construction phase of project development, with site preparation scheduled to commence in mid-August 2011,” COO Charles Taschereau said.

CLQ was forced to restate the resources at its Quebec project near Val d'Or after its geologists included rock that should have been counted as waste material.

The company lost about half of its market value as a result of the error, and the share price took a further hit after London, Ontario-based Siskinds announced it was bringing a $50-million class action lawsuit against CLQ and certain of its management.

The company said the claim was meritless and that it would “vigorously defend” itself against the suit.

Nevertheless, the stock has struggled to rebound.

The Quebec lithium mine originally operated as an underground mine and processing plant that produced spodumene, lithium carbonate and lithium hydroxide monohydrate, from 1955 to 1965.

Demand for lithium has climbed in the past decade, fuelled by growth in the rechargeable battery market. Lithium–ion batteries are used in laptop computers, iPods and smartphones.
 

Edited by: Liezel Hill
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