Name of the Project
Karibib lithium project.

Location
Namibia.

Project Owner/s
Lepidico.

Project Description
A definitive feasibility study (DFS) has revealed attractive Phase 1 economics for the Karibib project. The project has been sized for attractive financial returns at moderate production levels, with a scale-up of 460 times from continuous pilot plant capacity.

Karibib has 6.7-million tonnes of ore reserves grading 0.46% lithium oxide, 2.26% rubidium and 320 parts per million caesium, a 60% conversion from mineral resources of 11.24-million tonnes, which highlights the potential for further ore reserve expansion.

The DFS is based on an integrated mine, concentrator and chemical plant.

Phase 1 envisages a modest-scale commercial L-Max plant, processing a lithium-mica concentrate feed at 6.9 t/h to produce about 4 900 t/y of nominal battery-grade lithium hydroxide monohydrate and a suite of high-value and bulk by-products, over 14 years.

Total production over the life-of-mine is estimated at 773 000 t.

Converting other products to lithium carbonate equivalent provides implied total production of more than 7 000 t/y lithium carbonate equivalent.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $221-million and an internal rate of return of 31% ungeared, with a payback from the start of production of 37 months.

Capital Expenditure
Preproduction capital for the mine, concentrator and chemical plant is estimated at $139-million.

Planned Start/End Date
A final development decision is expected by May 2021.

Latest Developments
Lepidico has entered into a formal mandate with the US International Development Finance Corporation (DFC) to undertake in-depth analysis and evaluation of the Karibib Phase 1 project to determine whether the project qualifies for DFC financing.

The DFC will undertake detailed due diligence to ensure that the project meets DFC’s criteria, including the project's creditworthiness, its developmental benefits to Namibia and its effects on the environment.

Lepidco has, since January, been working with boutique investment bank Lions Head Global Partners to assist in securing financing for the project.

Key Contracts, Suppliers and Consultants
Strategic Metallurgy; Lycopodium Minerals; Australian Mine Design and Development; Knight Piésold Consulting; Project Definition PL; Chris Movirongo Investment; Snowden Mining Consultants; BMI; Pells Sullivan Meynick; BT Connect; TAK Industrial Mineral Consultancy; BG &E; GHD LLC; Addiza Power Consultants; Risk Based Solutions; Lanasera; Sustainable Mining Strategies; Formate Brines; AdvanSci; University of Waterloo; Radiation Advice and Solutions; SGS; ALS; End to End Visuals; GiG Agri-Advice; Twahangana HR Consulting; Environmental Compliance Consultancy; and Geoscientific Mineral Resources.

Contact Details for Project Information
Lepidico, tel +61 8 9363 7800 or email info@lepidico.com.