Mining News
Lithium development company E3 Metals finds path through Canada's oil patch
(Kitco News) - Alberta is a good place to set up a lithium business, said Chris Doornbos, president and CEO of E3 Metals (TSX.V: ETMC).
Doornbos spoke to Kitco on Tuesday.
"We operate like an oil and gas company, so all of the regulations we need are well documented, well outlined," said Doornbos. "I think that it gives us a huge advantage because it's a very well-oiled machine."
E3 Metals is a lithium resource and technology company. Based in Alberta, E3 Metals’ Clearwater project is located within Canada's oil patch.
The company is utilizing a direct lithium extraction technology to remove lithium from Alberta brines. Lithium mining alternatives are ore mining, where Australia dominates. Down in Chile and Argentina, lithium comes from salt deserts or salars: lithium-containing saltwater from underground lakes is brought to the surface and evaporated in large basins. On its website E3 Metals touts its DLE process as having zero carbon emissions, zero tailings, zero fresh water use and minimal land use.
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A 2020 preliminary economic assessment on E3's Clearwater project showed a $820 million net present value (NPV8%) after tax, with a pre-tax value of $1.1 billion (NPV8%). The project’s internal rate of return (IRR) is 27% after-tax and 32% pre-tax.
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