Ardiden to form lithium JV in Ontario
PERTH (miningweekly.com) – Gold explorer Ardiden on Wednesday reported that Great Northern Lithium had exercised an A$8.7-million option to form a lithium joint venture (JV).
The ASX-listed company in May agreed to an exclusive option with Great Northern Lithium to potentially sell 80% of its lithium portfolio. The company holds three lithium projects in north-west Ontario, including the Seymour Lake deposit, which has an estimated resource of 4.8-million tonnes at 1.25% lithium oxide and 186-million parts per million tantalum pentoxide.
Under the terms of the agreement, Ardiden would receive A$1.5-million as an up-front cash payment, and a further A$7-million in trailing cash installments in two equal tranches at 9 months and 18 months from completion.
Great Northern Lithium, which will now be renamed Green Technology Metals, has secured initial funding, including a cornerstone subscription from US-based privately held investment business AMCI Group.
“We are pleased to have exercised the option to acquire 80% of Ardiden’s Ontario lithium assets. The formation of our joint venture marks the first steps towards the development and growth of the Green Technology Metals business,” said nonexecutive chairperson John Young.
“The combination of a high-quality asset base in close proximity to existing infrastructure and key markets presents a great opportunity and we look forward to taking advantage of this as we seek to create and grow a successful, sustainable and high-returning global lithium business.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
