Millennial reports positive feasibility results for Argentina lithium project
The Pastos Grandes lithium project has advanced from exploration through to a completed feasibility study in just over two years and project owner TSX-V-listed Millennial Lithium now has the confidence to move the project into the next development stage, including that of seeking funding for construction.
Announcing the outcomes of a positive feasibility study, prepared by WorleyParson Chile and Montgomery and Associates Chile, Millennial Lithium president and COE Farhad Abasov said on Monday that Pastos Grandes had the potential to be a robust lithium carbonate (more than 99.5% Li2CO3) producer and that it would be among the lower quartile on costs.
The operation plan for Pastos Grandes is based on extraction of the lithium-rich brine by conventional well field, long-term production pumping, and proven processing techniques.
The mine will produce an average of 18 000 t/y of battery and technical grade lithium in the start-up stage, at an operating cost of $3 377/t of lithium carbonate, increasing to 24 000 t/y in the main mine stage at a cost of $3 388/t, for a total mine life of 40 years.
Capital costs have been estimated at $448.2-million to build and the payback period at 5.4 years.
Millennial said that the study demonstrated attractive economics for the project, with an aftertax net present value, at an 8% discount, of $1.03-billion and an internal rate of return of 24.2%.
Meanwhile, the company is constructing a pilot plant at Pastos Grandes, which is supported by 32 500 m2 of pilot evaporation ponds together with a liming plant and is projected to produce up to 3 t/m of battery grade lithium carbonate.
Millennial stated that it was well financed to complete this work and that it had a strong technical team with extensive lithium experience leading its efforts in Argentina.
The company’s stock rose 4% to C$1.52 a share on Monday.
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