MINEX Forum

Tag: Wolfsberg Project

  • Critical Metals Achieves Key Milestone for Wolfsberg Lithium Project in Austria

    Critical Metals Achieves Key Milestone for Wolfsberg Lithium Project in Austria

    Critical Metals  has announced a major advancement for its Wolfsberg lithium project in Austria. The Carinthian state has issued a decree waiving the requirement for an Environmental Impact Assessment (EIA), streamlining the approval process for the proposed lithium mine, located 270 km southwest of Vienna.

    This decision marks a significant milestone for the company, making Wolfsberg the first fully permitted spodumene mine in Europe and setting a precedent for fast-track approvals in the EU’s critical minerals sector. Production is targeted to begin in 2026/2027.

    Tony Sage, CEO of Critical Metals, stated, “This decree accelerates our mission to establish a sustainable European battery supply chain for electromobility. It represents a crucial step towards integrated lithium production in the heart of Europe.”

    The project is supported by BMW, which entered into a long-term offtake agreement in December 2022 and advanced a $15 million prepayment earlier this year.

    The EIA waiver follows a detailed audit by experts in various fields, including forestry, geology, water management, and process engineering. Since the required above-ground facilities cover less than 10 hectares, the decree confirms that an EIA is not mandated by law.

    CRML is now focused on securing financing for the mine’s start-up and obtaining approval for the plant and mining operations plan. The company plans to release a new definitive feasibility study in early 2025, potentially doubling the current resource of 12.9 million tonnes with a lithium oxide grade of 1%, ensuring a 20-year mine life.

    Despite the positive development, CRML’s stock fell 9.2% to $6.18 on the Nasdaq, reflecting a market capitalization of $552.4 million.

  • Critical Metals Targets 2025 for Updated Feasibility Study on Wolfsberg Lithium Project

    Critical Metals Targets 2025 for Updated Feasibility Study on Wolfsberg Lithium Project

    Critical Metals Corp. (Nasdaq: CRML) announced on Thursday its plan to deliver a new definitive feasibility study (DFS) for its flagship Wolfsberg lithium project in the first quarter of 2025. The Wolfsberg project, located 270 km southwest of Vienna, Austria, is poised to become Europe’s first fully permitted spodumene mine and a potential producer of lithium concentrate, with initial production expected by 2026/27.

    The current DFS is based on S-K 1300-compliant resources from Zone 1, totaling 12.9 million tonnes at an average lithium oxide grade of 1% Li₂O, including 9.7 million tonnes in the measured and indicated category. The company is optimistic that further exploration of Zone 2, which has shown pegmatite intersections with grades up to 2.49% Li₂O, could potentially double the resource base.

    Critical Metals estimates the combined resources from Zones 1 and 2 could support a mine life exceeding 20 years. “With the recent approval for Zone 2 drilling at the Wolfsberg project, we are excited to further enhance the upside potential of this transformational lithium asset for our stakeholders,” said CEO Tony Sage.

    The project has already secured significant industry backing, including a long-term offtake agreement with BMW in December 2022, with a $15 million prepayment made earlier this year. The agreement currently excludes lithium from Zone 2.

    In partnership with the Obeikan Group, Critical Metals plans to build the Middle East North Africa region’s first lithium hydroxide processing plant in Saudi Arabia. This 50/50 joint venture aims to produce up to 20,000 tonnes of battery-grade material annually. The joint venture partners are set to inspect hydroxide plants in China later this year to gain technical expertise for the project.

    Beyond Wolfsberg, Critical Metals is advancing the Tanbreez project in Greenland, one of the world’s largest rare earth resources, acquired earlier this year.

    Shares of Critical Metals dropped 7.7% to $5.79 in New York by 1:45 p.m. EDT, reflecting a market capitalization of $525.1 million.

  • European Lithium closes in on Nasdaq listing; secures Wolfsberg financing

    European Lithium closes in on Nasdaq listing; secures Wolfsberg financing

    European Lithium Ltd provided an update on the progress of its proposed merger, NASDAQ listing and additional equity investment.

    The company confirms that Critical Metals Corp has secured an equity investment facility for additional capital and it is expected to secure more capital in the coming weeks, leading up to shareholder approval of the transaction.