Lake Resources (ASX:LKE) further advances Kachi in December quarter – The Market Herald

0

Subscribe

Be the first with news that moves the market

  • Lake Resources (LKE) further advanced its flagship Kachi Lithium project in Argentina during the December quarter
  • Kachi production is expected to start in 2024 at a rate of 50,000 tons per year of lithium carbonate
  • Near Kachi are three lithium brine projects – Cauchari, Olaroz and Paso – where Lake is undertaking a new drilling program, which is expected to begin in late January.
  • At the end of the period, Lake held $71.3 million in cash without any debt.
  • In the market today, Lake is up 4.55% and trading at 92 cents per share

During the December quarter, Lake Resources (LKE) advanced its flagship Kachi Lithium project in Argentina.

Production from Kachi is expected to start in 2024 at a rate of 50,000 tons per year of lithium carbonate.

Recently, the company doubled the project’s production target for Definitive Feasibility Study (DFS) and Final Investment Decision (FID). The DFS and Social Impact Assessment are expected to be completed by the end of the second quarter of 2022.

Nearby are three lithium brine projects – Cauchari, Olaroz and Paso – where Lake is undertaking a new drilling program.

Drilling is expected to begin in late January 2022 with a 10-hole, 4,000 meter drill program spread across the three projects.

During the quarter, the company spent over $1.7 million on exploration and evaluation, with total net cash used for investing totaling over $2 million.

At the end of the period, Lake held $71.3 million in cash without any debt.

The increase in lithium prices during the quarter increased due to growing demand for the product.

In the market today, Lake rose 4.55% and is trading at 92 cents per share as of 12:52 p.m. AEDT.

Share.

Comments are closed.