Lithium Australia NL
Becomes the sole owner of Sadisdorf lithium resource: Lithium Australia NL’s (ASX: LIT) stock rose 1.02% on September 12, 2018 after the company has completed the requisite conditions precedent for the acquisition of Sadisdorf lithium/tin/tungsten deposit, and updated the market about becoming the sole owner of Sadisdorf lithium project.
With the Upper Mining Authority of Saxony, Germany approving transfer of licences to the German subsidiary of LIT (Trilithium Erzgebirge GmbH (TLE)), LIT has become the sole owner of the Sadisdorf lithium resource along with exploration projects at nearby Eichigt and Hegelshöhe. For this, LIT is paying €2 mn as purchase consideration; and out of this, €500,000 will be paid in cash, and remaining €1.5 mn will be payable in LIT shares being valued at 105% of volume weighted average price. LIT thus gets 100% equity in a resource, which is in proximity to lithium-ion battery production facilities being set up to address the needs of the European electric vehicle industry. Sadisdorf is also close to the Eichigt project that has cobalt mineralization and is owned by TLE. Moreover, LIT has completed three drill holes at Sadisdorf, and the assays revealed lithium-mica intersections of 78.51m at 0.51% lithium, 68.56m at 0.51% lithium, and 32.19m at 0.52% lithium. The intersections also reflect numerous higher-grade intervals ranging from 0.57% lithium to 0.98% lithium. Sadisdorf has a maiden resource of 25 million tonnes at 0.45% lithium, which LIT plans to “significantly expand” through further exploration.
Coming to group’s core technology, Lithium Australia’s proprietary lithium processing technology is SiLeach; and the company has commenced the Stage 1 and 2 trials of the process at the ANSTO’s minerals piloting facility in NSW shortly after commissioning the second generation, purpose built pilot plant. About 94% lithium extraction has been attained on continuous run from the Stage 1 of SiLeach pilot plant trial; while Stage 2 has begun on time as planned for September 2018. In fact, this has produced lithium phosphate within 16 hours of start-up. The move comes under conversion of mine waste to lithium-ion batteries, which is first of a kind across the globe. Meanwhile, LIT stock has fallen 18.33% in three months as on September 11, 2018.
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