Lithium Royalty Corporation Congratulates Zijin Mining on the Initiation of Lithium Production at Tres Quebradas
Zijin Mining Group Co., Ltd. has announced the commencement of production at its Tres Quebradas lithium project in Catamarca Province, Argentina. The Chinese mining giant acquired the project in February 2022 for approximately C$960 million and has since invested significantly in its development and rapid commissioning.
The initial phase of the Tres Quebradas lithium project is designed to produce 20,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE). This marks Catamarca's third lithium mine to enter production, underscoring Argentina's growing role in the global battery supply chain.
Since acquiring the project, Zijin has invested more than US$1.2 billion in capital expenditures to develop and fast-track the asset into production. The strategic importance of the project within Zijin Mining's lithium portfolio is evident, as the team has underscored its standing as one of the world's leading brine projects.
Lithium Royalty Corp, a company that anticipates further key developments across its royalty portfolio, holds a net 0.9% gross overriding revenue (GOR) royalty on the Tres Quebradas project. This provides direct exposure to the production profile and future expansion potential of the project. Ernie Ortiz, President and CEO of Lithium Royalty Corp, has extended congratulations to the entire Zijin team on achieving this important milestone.
The updated mineral resource and planned expansion of the Tres Quebradas lithium project further underscore Argentina's growing role in the global battery supply chain. The planned Phase 2 expansion is expected to add 40,000 tpa of LCE, potentially bringing total annual production capacity to an estimated 60,000 - 80,000 tpa once both phases are fully operational.
The start of production at the Tres Quebradas lithium project is a significant step forward for Zijin Mining, and it underscores the strategic importance of the project within its lithium portfolio. As one of the world's leading brine projects, the Tres Quebradas lithium project could become one of the world's leading lithium projects in terms of annual production capacity.
Earlier this year, the LRC team visited the Tres Quebradas facilities in Argentina and Zijin's main offices in Fujian Province, China. The team's visit underscores the close collaboration between the two companies and Lithium Royalty Corp's commitment to its investments.
As Zijin Mining continues to invest in the development and expansion of the Tres Quebradas lithium project, Lithium Royalty Corp anticipates further key developments across its royalty portfolio, including potential benefits from the expansion of the Tres Quebradas lithium project. The commencement of production at the Tres Quebradas lithium project is a testament to the strategic vision and execution capabilities of both Zijin Mining and Lithium Royalty Corp.
Read also:
- IM Motors reveals extended-range powertrain akin to installing an internal combustion engine in a Tesla Model Y
- Ford Embraces Silicon Valley Approach, Introducing Affordable Mid-Sized Truck and Shared Platform
- Future Outlook for Tesla in 2024: Modest Expansion in Electric Vehicle Sales, Anticipated Surge in Self-Driving Stock
- Vegetable oils are similarly utilized in the process of road cleaning.
