Lithium Energy Limited has received final EIA approval for the Solaroz lithium brine project in Argentina, focusing on Central and Northern blocks rich in resources. The company has agreed to sell its stake in the project to CNGR Netherlands New Energy Technology for $63 million, with additional funding commitments for future developments. The project is strategically located in the Lithium Triangle, known for its vast lithium reserves.
Australia’s Lithium Energy Limited (ASX: LEL) announced that it has obtained final environmental impact assessment (EIA) approval for further exploration at its Solaroz lithium brine project located in Argentina. The approval specifically pertains to the Central and Northern blocks of the project, which contain most of Solaroz’s lithium resources and will be prioritized for upcoming development activities.
The EIA milestone coincides with Lithium Energy’s agreement to sell its entire interest in the Solaroz project to CNGR Netherlands New Energy Technology (CNNET) for a total of $63 million (approximately A$100 million). CNNET has pledged to finance local operations and the next development phases at Solaroz starting in 2023, including up to $15 million (A$24 million) in loan support for the project.
Currently, both Lithium Energy and CNNET are collaborating to implement a work program that aligns with the approved environmental assessment. The Solaroz project is strategically located in northwestern Argentina, situated within the renowned Lithium Triangle, a region celebrated for housing some of the largest lithium brine deposits globally.
In addition to the Solaroz venture, Lithium Energy also possesses the Burke graphite project in Queensland, Australia, expanding its mineral portfolio and operational scope in the resource sector.
Lithium brine projects are a significant component of the global lithium supply chain, mainly utilized in lithium-ion batteries for electric vehicles and renewable energy storage. The Lithium Triangle, which encompasses parts of Argentina, Bolivia, and Chile, is critical for its vast reserves of lithium-rich brine, making projects in this region highly strategic. Environmental assessments are crucial in ensuring that mining activities minimize harm to the ecosystem while allowing for the extraction of valuable resources.
Lithium Energy Limited has made significant strides by securing final EIA approval for the Solaroz lithium project in Argentina, which is pivotal for its next phase of exploration. The partnership with CNGR Netherlands New Energy Technology reinforces the project’s financial backing and operational development. This initiative not only enhances Lithium Energy’s prospects but also contributes to the broader lithium supply chain essential for modern technology.
Original Source: www.mining.com
