UK-based Cornish Lithium has raised £5.1-million through crowdfunding on a platform called Crowdcube, marking it as one of the largest crowdfunding endeavours undertaken in the UK this year.
Cornish launched the crowdfunding to provide exiting shareholders, as well as new retail shareholders, the opportunity to invest alongside a landmark £53.6-million fundraise announced on August 8 by UK Infrastructure Bank, Energy and Minerals Group, and TechMet.
A plant which will refine lithium – a material used in electric car batteries – is to be built on Teesside.
Green Lithium, which it said would be the first large-scale facility in the UK, will be located at PD Ports’ Teesport site after getting approval from Redcar and Cleveland Council.
The company said it was “confident” the plant would open in 2027. It added more than 1,000 jobs would be created during construction, with about 250 more when it opens.
Chief executive officer Sean Sargent said: “I’m confident we’ve got a great team together and a lot of delivery partners supporting us and that gives me the confidence that we know what we are doing and we’ve got a team in place that understands the risk profile of a project of this nature and knows how to overcome those risks.
“The next step is we’ve got to complete a fundraising round that’s going on at the moment.”
The company said the plant would provide an alternative market for European electric car manufacturers who are reliant on China and East Asia, where 89% of the world’s lithium is currently refined.
Lithium is a key component in rechargeable batteries that power numerous gadgets such as smartphones and laptops, as well as electric cars.
Last month the mining of battery-grade lithium carbonate in Cornwall was announced.
It is expected the Teesport plant will produce 50,000 tonnes of battery-grade lithium chemicals to provide batteries for one million EV car batteries every year.
The 58-acre site was chosen because of its access to a deep-water port, locally supplied renewable energy and hydrogen gas.
As well as refining lithium for EV batteries, the chemical will also be used in the production of lithium-ion batteries and energy storage.
Green Lithium hopes the plant will encourage more gigafactories, which produce batteries, to be built in the UK.
It said over the next three-and-a-half years it would spend 14 months designing the plant and then 28 months building it.
Redcar and Cleveland Borough Council leader Alec Brown, Labour, said it demonstrated the developer’s “significant confidence in our area”.
“This investment will create hundreds of jobs supporting electric vehicle production and the decarbonisation of the UK.
“With the port on our doorsteps, this will hopefully draw other industries linked to battery production to Teesside.”
Metso has modernised its pilot facility at Metso Research Center in Pori, Finland, with expanded capabilities for lithium hydroxide (LiOH) and other battery chemicals process testing. The unique pilot line serves mining and battery industry customers processing battery minerals. In connection with the expansion, Metso has also opened a battery materials precursor (pCAM) pilot plant, available now for customer trials.
“Pilot run requests for battery minerals like lithium, nickel and cobalt have increased significantly during the last three years. Currently, we are working on several battery black mass recycling and precursor projects and have several lithium and other battery chemicals project pilots on our laboratory schedule,” says Janne Karonen, Director for Hydrometallurgical Research & Development at Metso.
Process simulations are essential in the piloting phase, supporting process and equipment design, training and plant operation. For this purpose, Metso uses its unique metallurgical digital twin Geminex, which is based on the company’s proprietary HSC-Sim software for predictive process simulations. Pilot plant and real-time plant data enrich the simulation model to accurately predict plant behavior.
Metso has developed sustainable hard rock lithium soda leaching technologies for 20 years already. The pilot facility expansion it says “complements Metso’s frontrunning piloting capabilities for minerals processing and metals refining, enabling minerals and battery industry customers to have end-to-end testing, piloting services and technology and equipment deliveries from one supplier.”
Metso’s expertise in battery minerals covers the extraction of lithium from brines and pegmatite ores up to battery-grade lithium salts. These patented processes are designed to meet the needs for high-end lithium-ion battery chemicals production. Metso can provide sustainable technology and equipment for the entire lithium, nickel and cobalt production chain – from the mine to battery materials and black mass recycling – with project scopes ranging from equipment packages to plant deliveries.
Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, emphasized the need for a responsible approach to the country’s critical natural resources, including lithium, during a recent statement. Minister Đedović Handanović highlighted the importance of considering not only the exploitation of mineral wealth but also the establishment of a value chain that encompasses battery and electric vehicle production. Recognizing the global shift towards a new industrial order, she emphasized Serbia’s potential to become a part of this transformative movement.
Minister Đedović Handanović reiterated this viewpoint when discussing the potential exploitation of lithium in Serbia. She emphasized that Serbia possesses abundant mineral resources, some of which are classified as critical by the EU. Referring to the suspended “Jadar” project and the importance of the value chain, she emphasized the need to explore ways to capitalize on Serbia’s wealth, including the establishment of factories for battery and electric vehicle production.
The Jadar deposit, identified as one of the largest lithium deposits globally by the think-tank Blue Europe, had been the focus of the mining project initiated by British-Australian mining company Rio Tinto. However, due to environmental concerns, the company’s license was revoked in 2022.
Although the Jadar project was halted, speculations have arisen following a report by German tabloid Hadensblatt in December 2022, which revealed a confidential list of investments under the EU’s “Global Gateway” initiative, including a lithium mine in Serbia. This has sparked speculation about the potential revisiting of the Jadar project in the future.
In the Ore Mountains, a vast reserve of lithium is found. If the Czech Republic authorities proceed with its extraction, known as the “white gold,” it has the potential to boost the economy of both the country and the Usti nad Labem region. However, not everyone shares the same enthusiasm for these plans. The village of Cinovec, located near the German-Czech border, possesses a small yet valuable treasure. Situated approximately 100 km northwest of Prague, this village holds around three to five percent of the world’s lithium reserves, making it the largest lithium deposit in Europe.
Lithium mining has become a strategic investment area in the Czech Republic, gaining immense significance in recent years, particularly in the field of battery production. The transition to alternative energy sources and the advancement of electromobility heavily rely on lithium-based energy storage. Furthermore, the soaring prices of lithium make its extraction economically viable for the Czech Republic. According to an analysis conducted by the Czech Chamber of Commerce, the country has exhausted its previous sources of economic growth, which indicates potential stagnation in the upcoming years. However, Prime Minister Petr Fiala remains hopeful that lithium mining could breathe new life into the Czech economy. In his vision for the country’s development over the next thirty years, Fiala outlined six strategic investment areas, with lithium mining and processing receiving the most attention.
Fiala emphasized the pivotal role of lithium as a crucial raw material for electromobility, especially in battery cells. He stressed the government’s commitment to initiating extraction as soon as possible, ideally by 2026.
The region possesses sufficient raw materials to produce one million lithium batteries annually. Cinovec is situated in a mining region with a long history of extracting various ores since the 13th century, including tungsten and tin in the 1940s. In the 2010s, geological surveys revealed significant lithium reserves in the area, extending across the German-Czech border into Zinnwald, albeit to a lesser extent. Prague has already entered into an agreement with the federal state of Saxony to explore potential cooperation in lithium mining. On the Czech side, the state-owned company Czech Energy Works (CEZ) will spearhead these efforts. Over a 25-year period of lithium extraction, it is estimated that a thousand miners will find employment in the region. Additionally, the construction of a gigafactory dedicated to electric vehicle battery production will generate new job opportunities and revenue. CEZ anticipates that mining this scarce resource could commence within four years.
The authorities in the Usti nad Labem region support the development of the lithium deposit, provided that it adheres to stringent environmental standards. Jan Schiller, head of the region’s administration and a member of the opposition party “Action of Dissatisfied Citizens” (ANO), views lithium mining as an opportunity. However, he underscores the importance of establishing favorable conditions before commencing mining operations. The region still bears the consequences of coal mining, and any negative impact on living conditions must be adequately compensated.
The prospect of new opportunities or further resource extraction?
The Usti nad Labem region receives funding from the JTF, an EU fund dedicated to mitigating the consequences of ending coal mining and facilitating economic restructuring in affected regions. It is expected that a portion of the fund’s resources will be allocated to further develop the lithium project.
Nonetheless, some experts caution against simply replacing coal mining with lithium extraction after the end of brown coal mining in the region. They recommend utilizing the funds from Brussels to invest in education and overall economic restructuring. Similar sentiments are echoed among the local population. Michal Koletzko, a professor at the Jan Evangelista Purkyne University in Usti nad Labem, staunchly opposes lithium mining in the region. Koletzko believes that lithium is not the right path and suggests focusing on fundamental changes to secure a new future for the region. He advocates for investing in areas that have the potential to not only provide an economic backbone but also transform the social composition and educational level of the population.
Concerns about negative environmental impact
Opinions among the residents of the Cinovec area are divided. On September 7, 2023, a discussion was held in the nearby town of Dubi between local residents and representatives of CEZ, and the venue was filled to capacity. Czech Radio reports that the primary concerns among villagers revolve around threats to the water supply and deterioration of air quality due to the transportation of extracted raw materials. Like any non-renewable resource, lithium mining does have environmental consequences. In South America, where approximately 70% of the world’s lithium reserves are concentrated in the “lithium triangle” spanning Bolivia, Chile, and Argentina, the extraction of lithium-containing brine has caused a significant decline in groundwater levels in certain regions. Careless actions by mining companies have also resulted in instances of air, water, and soil pollution. In Cinovec, lithium will be extracted from solid rock formations. While this method is water-intensive and consumes more energy compared to brine extraction
In the Ore Mountains, lies an abundance of lithium deposits. Should the Czech Republic’s authorities embark on its extraction, the region of Usti nad Labem, as well as the country’s economy, could reap the benefits of this “white gold.” However, not everyone is enthused about such plans. The village of Cinovec, situated near the German-Czech border, holds a small yet significant fortune. This village, approximately 100 km northwest of Prague, is home to approximately three to five percent of the world’s lithium reserves, making it the largest lithium deposit in Europe.
Lithium mining has become an area of strategic investment in the Czech Republic, gaining immense importance in recent years, particularly in battery production. The transition to alternative energy sources and the advancement of electromobility heavily rely on lithium-based energy storage. Furthermore, the soaring prices of lithium make its extraction economically viable for the Czech Republic. The Czech Chamber of Commerce’s analysis reveals that the country has depleted its previous sources of economic growth, signaling potential stagnation in the near future. However, Prime Minister Petr Fiala remains hopeful that lithium mining could rejuvenate the Czech economy. In his vision for the country’s development over the next three decades, Fiala identified six strategic investment areas, with lithium mining and processing taking the spotlight.
Fiala emphasized the significance of lithium as a crucial raw material for electromobility, particularly for battery cells. He expressed the government’s commitment to initiating extraction as soon as possible, ideally by 2026.
The raw materials in the region are ample, with the potential to produce a million lithium batteries annually. Cinovec is situated in a mining region with a long history of extracting various ores since the 13th century, including tungsten and tin in the 1940s. In the 2010s, geological surveys unveiled substantial lithium reserves in the area, extending across the German-Czech border into Zinnwald, albeit to a lesser extent. Prague has already signed an agreement with the federal state of Saxony to explore potential cooperation in lithium mining. On the Czech side, the state-owned company Czech Energy Works (CEZ) will spearhead these efforts. Over a 25-year span of lithium extraction, it is estimated that a thousand miners will find employment in the region. Moreover, the construction plans for a gigafactory dedicated to electric vehicle battery production will generate new job opportunities and revenue. CEZ anticipates that mining this scarce resource could commence within four years.
The authorities in the Usti nad Labem region support the development of the lithium deposit, provided that the process adheres to strict environmental standards. Jan Schiller, head of the region’s administration and a member of the opposition party “Action of Dissatisfied Citizens” (ANO), considers lithium mining as an opportunity. However, he emphasizes the importance of establishing favorable conditions before commencing mining operations. The region still bears the consequences of coal mining, and any negative impact on living conditions must be justly compensated.
New possibilities or further resource extraction?
The Usti nad Labem region receives funding from the JTF, an EU fund dedicated to mitigating the consequences of coal mining cessation and facilitating economic restructuring in affected regions. It is anticipated that a portion of the fund’s resources will be allocated to further lithium project development.
Nonetheless, some experts caution against simply replacing coal mining with lithium extraction after the end of brown coal mining in the region. They recommend utilizing the funds from Brussels to invest in education and overall economic restructuring. Similar sentiments are echoed among the local population. Michal Koletzko, a professor at the Jan Evangelista Purkyne University in Usti nad Labem, staunchly opposes lithium mining in the region. Koletzko believes that lithium is not the right path and suggests focusing on fundamental changes to secure a new future for the region. He advocates for investing in areas that have the potential to not only provide an economic backbone but also transform the social composition and educational level of the population.
Concerns about negative environmental impact
Opinions among the residents of the Cinovec area are divided. A discussion held on September 7, 2023, in the nearby town of Dubi between local residents and CEZ representatives witnessed a packed hall, highlighting the significant concerns among villagers. Czech Radio reports that the primary concerns revolve around threats to water supply and deterioration of air quality due to the transportation of extracted raw materials. Like any non-renewable resource, lithium mining does have environmental consequences. In South America, where approximately 70% of the world’s lithium reserves are concentrated in the “lithium triangle” spanning Bolivia, Chile, and Argentina, the extraction of lithium-containing brine has resulted in a significant decline in groundwater levels in certain regions. Mining companies’ careless actions have also led to instances of air, water, and soil pollution. In Cinovec, lithium will be extracted from solid rock formations. Although this method is water-intensive and consumes more energy compared to brine extraction, it is considered less detrimental to the environment.
The European Parliament, in a significant move, has voted to reduce regulatory burdens and diversify the sources of critical raw materials like lithium and silicon. This plan aims to secure a steady supply of these materials, which are essential for the production of solar panels, electric vehicle batteries, and other crucial elements of the EU’s green transition.
By approving this act with an overwhelming majority of 515 votes in favor and 34 against, the European Parliament seeks to decrease its reliance on a single country for more than 65% of any strategic raw material by 2030. The details of this act will now undergo negotiations between the parliament and the council.
Nicola Beer, a German MEP from the liberal Renew Europe group, who was responsible for the proposal, expressed that the European Parliament has taken a clear stance on the security of supply, emphasizing the path towards European sovereignty and competitiveness. The EU’s shift towards clean energy necessitates access to critical raw materials like lithium and silicon, as they are vital for electric vehicle batteries and solar panel semiconductors. Presently, the EU depends on a small number of countries, including China, as suppliers.
Hildegard Bentele, a German MEP from the center-right European People’s Party, stressed the importance of increasing the supply of reliable sources for raw materials, stating that electric mobility cannot thrive without batteries, and batteries cannot be produced without an adequate supply of lithium. She emphasized the need for a credible and strategic raw materials policy to achieve this goal.
The newly proposed plan establishes targets for the extraction, processing, and recycling of critical raw materials. By 2030, the EU aims to have the capacity to extract at least 10% of its demand and process 50% of its demand for these materials. The plan also includes provisions allowing for up to 20% of new processing capacity to come from partnerships with emerging markets. Furthermore, the recycling capacity is expected to reach 45% for the collection, sorting, and processing of strategic materials from waste.
Mohammed Chahim, a Dutch MEP from the center-left Socialists and Democrats, highlighted the potential to reduce import demand through improved material efficiency and recycling. He noted that the revised plan expands the scope of national circularity plans to encompass more reuse, refurbishment, and recycling, in comparison to the original proposal put forth by the European Commission.
According to the International Energy Agency’s net-zero emissions scenario, global demand for key critical minerals, including nickel, cobalt, lithium, copper, and neodymium, is projected to grow by 1.5 to seven times by the end of the decade. This underscores the urgency for the EU to diversify its sources of these materials.
Since the conflict between Russia and Ukraine exposed the EU’s overreliance on Russian gas imports, European politicians and businesses have been actively seeking alternative suppliers for key minerals. Markus Beyrer, the head of the industry lobby group BusinessEurope, acknowledged the European Parliament’s recognition of the importance of securing and diversifying the supply of critical raw materials. He particularly welcomed the support for streamlined permitting processes, reduced bureaucratic obstacles, and the focus on strengthening partnerships with trading partners.
However, some environmentalists have raised concerns regarding the act, fearing that it may lead to poorly regulated mines in countries like Finland, which is rich in critical minerals, thereby posing risks to the environment. They have criticized the proposal for expediting the issuance of permits without adequately raising the environmental standards that mining companies must adhere to.
Satu Jaatinen, a board member of MiningWatch Finland, an environmental nonprofit organization, emphasized that mines and the battery industry can be made sustainable by adopting existing technologies. She expressed disappointment that the industry is unwilling to make the additional investments required for sustainability, asserting that mines should reflect their true costs.
The negotiations and implementation of this act will play a significant role in shaping the EU’s approach to securing critical raw materials while balancing environmental concerns and sustainability.
Condor Energies Inc. has released its results from the second quarter of this year (Q223), including financial statements and management discussion and analysis. These documents are available on the company’s website.
The report has included the highlights of Q2. In July of 2023, Kazakhstan gave Condor a 100% working interest for six years in a 37,300-hectare lithium brine mining license. The company is awaiting final approval from the government of Kazakhstan for its 95% working interest in a separate lithium brine mining license in Kazakhstan.
In June, Condor created a US$5.9 million three-year term loan facility, with interest at 9.0% per annum, that is intended for working capital needs and corporate purposes.
Condor is undertaking final negotiations in order to run the day-to-day operations of eight gas-condensate fields in Uzbekistan. In Kazakhstan, Condor is still attempting to lock in a long-term LNG feed gas supply contract.
Prior to the government of Kazakhstan granting Condor a lithium mining license, in July of 2023, a well drilled on a previously acquired license found brine deposits that contained concentrations of 67 milligrams per liter of lithium in carboniferous aged intervals.
A 670m column of lithium brine has been identified using historical records and data from core drilling. This well touched the top of Denovian-aged sediments. Reservoir sands that were found were not tested.
Condor’s lithium licenses are ideally positioned between Europe and Asia. This location provides access to robust lithium markets. Condor’s goal is to produce lithium through closed-looped direct lithium extraction technologies, which is more cost-effective than other lithium extraction technologies.
Analyst Malcolm Shaw of Hydra Capital identified Condor Energies as a company worth looking into.
According to Shaw, “It took flight after the company announced that it is in advanced discussions with respect to taking over eight gas fields in Uzbekistan, along with an exploration block or two.”
Condor is unique because its goal is “to revitalize Soviet-era fields with standard Western development practices.” He specifically compared it to the early success of PetroKazakhstan, which sold for CA$4 billion.
ION Energy Ltd. (TSX-V:ION, OTCQB:IONGF) has bolstered its lithium portfolio with the acquisition of two new claims in Canada’s Northwest Territories (NWT).
The acquisition of the approximately 900-hectare Little Nahanni claims, situated in an area rich with pegmatites, is poised to significantly enhance ION’s ongoing lithium exploration initiatives in the region.
Toronto-based ION also finalized the acquisition of the Bliss Lake lithium pegmatite project in NWT.
The acquisition transaction involved the issuance of 571,428 company shares to the vendors, valuing the shares at $0.25 each, totaling a deemed value of $128,571. This immediate consideration package also features provisions for deferred equity-based components for the vendors, contingent on future exploration results from the Bliss Lake project.
In a statement, ION Energy sees the Little Nahanni claims as a latent opportunity for substantial lithium discovery, with the potential to forge mutually beneficial collaborations with regional stakeholders.
“What an exciting time for ION Energy: while we work towards an inferred resource calculation this Fall at our prized Urgakh Naran Brine asset in the booming mining jurisdiction of Mongolia in such close proximity to China, we have now identified and acquired further assets in a Tier 1 region,” CEO Ali Haji said.
“Each of these new assets provide the company with exposure to proven pegmatite lithium districts in the Northwest Territories. ION’s long term vision of exploring and developing high quality lithium resources in strategic jurisdictions as the world continues to electrify, is materializing rapidly.”
The acquisition of the Bliss Lake and Little Nahani projects in NWT significantly enhances ION’s lithium asset and jurisdiction profile.
The firm’s flagship Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the large Urgakh Naran licence in Dorngovi Province in Mongolia, with highly prospective lithium brine.
Poland is exploring the possibility of using a substitute for lithium and other rare earth metals. “The raw materials policy defines those raw materials that are used today. Today it is apparent that the energy transition makes it necessary to develop economic areas, which we should launch in our country. If we define the areas that we will launch in Poland, then we can adjust the needs for raw materials. Perhaps some of these needs are met, so we will open a discussion and try to introduce the point of view that not only critical raw materials are necessary, but they can also be replaced by other generally available raw materials, such as rare earth metals, lithium,” said Deputy Minister of Climate and Environment Piotr Dziadzio, Chief Geologist of the Country.
“We should look for substitutions for raw materials and that is what we are doing. I do not want to reveal the details now, but in the coming weeks there may be additional information on this subject,” added minister Dziadzio.
Lithium is used for the production of electric car batteries, among others. Rare earth metals are used to make semiconductors, which are an essential element of electronics, military equipment or vehicles. They are also needed for the energy transition.
Wojciech Jakóbik / Jedrzej Stachura
Bogdanka Lubelski Węgiel presented a development strategy that involves more coal mining until the mine is closed in Poland, and in the meantime investments in renewables, their components and recycling.
“The average level of coal production in 2023-2025 will be approx. 9.1 million tonnes, in the years 2026-2030 approx. 10.1 million tonnes, and in 2031-2040 approx. 9.1 million tons,” the new Bogdanka strategy announced in Lublin on May 17 said. Bogdanka intends to maintain more than half of the market share of coal.
One of the priorities is to “guarantee production by 2049 by starting production from the K-6 and K-7 resource base in 2024 and preparing for the availability of a vertical Ostrów field, which after 2038 will guarantee the flexibility and energy security of the state in the energy transition.” The social contract with Polish miners provides for the pahse-out of mines by 2049.
The company also declares “support for Ukraine’s energy recovery through the use of Bogdanka’s competencies and resources, which can actively support the reconstruction of critical infrastructure in Ukraine after the war.”
Bogdanka is also expected to develop multi-resource mining based on the exploration and commercial extraction of a number of minerals crucial for sustainable transformation and attractive to the market. The aim is also to produce res components, i.e. foundation baskets for wind farms and structures for the installation of PV panels. The mine also wants to scale up RES installations to diversify Bogdanka’s revenue stream by adding 500MW RES installations and selling the energy produced by them, as well as trading batteries and PV waste.
LW Bogdanka / Wojciech Jakóbik