Alkem (ASX:AKE) to mine Lithium at James Bay using hydropower

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Alkem (ASX:AKE) to mine Lithium at James Bay using hydropower

Mining, green mining, lithium stocks, Alkem Limited ASX:AKE
Image source: © Xura | Megapixl.com

Highlights

  • Alkem finds economies in hydropower use for lithium mining at James Bay, Canada.
  • James Bay Project NPV is now up 2.5x from Alkem’s preliminary economic assessment.
  • Still AKE shares end in red on ASX.

Allkem Limited (ASX:AKE) has confirmed sustainable lithium operations utilising renewable hydropower at its James Bay Lithium Project in Québec, Canada.

How is Alkem placed with its James Bay project?

  • The feasibility study conducted by Alkem has confirmed a sustainable, high value hard rock lithium operation with the use of renewable hydropower at James Bay.
  • This result has increased the Net Present Value (NPV) 2.5x from Alkem’s preliminary economic assessment report released in March 2021.
  • Alkem has, thus, planned construction commencement for Q3-22 and has lined commissioning in first quarter of CY24.
  • However, all of the above is subject to receipt of environmental and other essential approvals.
  • Alkem believes the positive feasibility Study results indicate exceptional value generation from the project as it utilises clean hydro-power to provide lithium.
  • The Lithium extracted shall be used as raw material in EV and other low carbon industries, in the rapidly expanding markets in North America and Europe. 

However, on ASX today AKE shares have closed in red trading last at AU$9.17 a share. 

Alkem’s way forward

The James Bay project’s location is attractive for lithium production due to proximity to the emerging European and North American electric vehicle markets. Use of green power for Lithium extraction aligns project to Alkem’s net-zero emissions target of 2035. 

More from ASX- RTG Mining (ASX:RTG) to raise US$10M to advance mining projects 

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