Lithium Energy to restart Utah fluorspar mine
TSX-V-listed Lithium Energy Products is raising up to $3.5-million in a private placement to fund the ramp-up of its recently acquired Lost Sheep fluorspar mine, in Utah, US.
The junior has engaged Sprott Capital Partners, as the exclusive placement agent to the company, for a private placement of up to 43 750 000 units at $0.08 a unit.
The net proceeds would be used to purchase mining equipment, employ a professional workforce, upgrade processing facilities and construct an adit.
It would provide the company working capital to restart the past-producing mine.
CEO James Walker said there were currently no producing fluorspar mines in the US, which is importing about 600 000 t from countries such as Mexico, Vietnam and South Africa.
“. . . the industry in North America struggles to secure consistent supply of quality product. We aim to provide a secure source of supply to a select group of fluorspar users,” he said.
Fluorspar is listed as a critical and strategic metal in the US. Fluorspar is used extensively in the production of steel and aluminium, as well as the manufacture of hydrofluoric acid, cement and refrigerants.
“With newly purchased equipment, an expert staff and a large market for our product, we are confident our fully permitted, past producing fluorspar mine, can be properly developed to become the only local supplier in the US," said Walker.
The company has not completed a feasibility study on, nor has it completed a mineral reserve estimate at, the Lost Sheep mine.
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