Green Technology targets FID for Ontario lithium project in 2024
Canada-focused lithium company Green Technology Metals (GT1) has progressed its Seymour mine development, in Ontario, to a definitive feasibility study (DFS), targeting a financial investment decision (FID) for the Seymour mine ahead of planned construction activities next year.
This comes as the preliminary economic assessment (PEA), which considers two development options, confirmed “excellent” economics with a combined mine and concentrator development delivering an aftertax net present value of C$1.19-billion and an internal rate of return of 54%.
The combined Seymour and Root mine and spodumene concentrators development will culminate in 15 years of mine production, with phased capital expenditure (capex) and life-of-mine concentrate production of 207 000 t/y at 5.5% lithium oxide (Li2O).
Initial startup capex of C$216-million and second phase capex of C$267-million will be required.
The second part of the PEA includes the conversion of lithium concentrates to lithium chemicals, which are currently unavailable in North America. “It will play a critical role in closing the supply chain from mine to electric vehicle, all Ontario made,” says GT1 CEO Luke Cox.
Both development options are independently feasible, reports ASX-listed GT1.
The projects have been strategically divided into three distinct stages of development designed to lower the capital barrier for entering production. This not only positions the company as a producer but also establishes project cash flow, aligning with GT1's overarching strategy of being the “first producer in Ontario”.
The PEA draws on the mineral resource estimate (MRE) of the Seymour lithium project, amounting to 10.3-million metric tons at 1.03% Li2O and the Root lithium project, with a MRE of 14.6-million metric tons at 1.21%.
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