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(Kitco News) - Imerys, the world leader in mineral-based specialty solutions, announced today that it has acquired an 80% stake in lithium explorer and developer British Lithium.
Imerys said it contributes its lithium mineral resources, land and infrastructure for an 80% stake in the joint venture, whilst British Lithium brings its bespoke lithium processing technology, its technical team and its lithium pilot plant for the remaining 20%.
In a joint statement, the companies said the transaction will "bring together" Imerys' expertise in mining, infrastructure in Cornwall, R&D and process development capabilities, as well as its lithium mineral resources, with British Lithium's bespoke technology and state-of-the-art lithium pilot plant, which recently produced battery-grade lithium carbonate.
Since 2017, British Lithium has carried out drilling and exploration on Imerys-owned land in Cornwall and developed a unique process and pilot plant to produce battery-grade lithium carbonate.
The company received financial support from Innovate UK, UK's national innovation agency, and the Automotive Transformation Fund, a funding program to support the electrification of vehicles and their supply chains in the UK.
Importantly, according to a press release, following drilling and resource definition, the project's inferred mineral resources are estimated at 161 million tonnes at a grade of 0.54 % lithium oxide. Drilling programme and pre feasibility study are in progress.
"These resources give sufficient confidence to target a life of mine exceeding 30 years at a production rate of 20,000 tonnes of lithium carbonate equivalent per year, potentially enough to equip 500,000 electrical vehicles per year, by the end of the decade, meeting roughly two-thirds of Britain's estimated battery demand by 2030 when all UK car manufacturers convert to electric vehicles," Imerys said.
The company added that the combination of this and the EMILI project in France would make Imerys the largest integrated lithium producer in Europe, representing more than 20% of the announced European lithium output by 2030.
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