JOHANNESBURG (miningweekly.com) - Dual-listed lithium exploration and development company Bacanora Minerals on Friday said it was keen to start the construction of a 35 000 t/y mine and processing plant at its Sonora project, in Mexico, in the first half of this year, with a view to achieving first production in the first quarter of 2020.
To date, the company has confirmed the "excellent economics" of Sonora though a feasibility study and secured an offtake agreement for Stage 1 production, while also receiving approval for its environmental-impact statement for the construction of an openpit mine and a large-scale beneficiation processing facility.
In addition, the miner secured access and surface rights at Sonora following the signing of binding agreements to acquire the freehold to two parcels of land covering mineral resources contained within the La Ventana, Fleur and El Sauz areas. As a result, it now has unrestricted access to develop Sonora and operate it for the initial life-of-mine.
At its 50%-owned Zinnwald lithium project, in Germany, the company started a feasibility study to demonstrate the economic viability of producing high-value downstream lithium products for the European battery and automotive sectors.
This was expected to be completed in mid-2019.
CEO Peter Secker noted that, with strong demand for high-value lithium products being driven by rapidly emerging industries such as electric vehicles and energy storage, there was a need for world-class lithium deposits to be brought into production.
"Once funding has been finalised, we will be in a position to immediately start construction work. Funding is expected to comprise a combination of debt and equity finance and discussions with relevant parties are ongoing. We remain confident that funding will be in place to allow the construction phase to begin in the second half of the year."