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January 19 (Reuters) – Australian Lakes Resources NL LKE.AX said on Wednesday that planned production from its flagship Kachi Lithium Brine project in Argentina would be set at 50,000 tons per year of lithium carbonate, nearly double its previous estimate.
The company had previously set the baseline target for a definitive feasibility study, which serves as the basis for fundraising, at 25,500 tons.
He raised the target on potential positive drilling results, increasing demand from potential tapping partners, financing interest British and Canadian credit agencies and supportive policies from the Argentine government, among others, Lake said in a declaration.
“We are well positioned given the quality resources, cutting-edge technology and key financial partnerships to secure an optimal set of offtake agreements that align with these expansion plans,” said Lake President. , Stu Crow.
Lithium prices soared last year as automakers around the world began investing billions of dollars to switch to cleaner modes of transportation as part of a global drive to cut emissions of carbon.
Last year, the New South Wales-based lithium explorer has teamed up with California-based cleantech company Lilac Solutions to jointly develop the Kachi project, with Lilac set to invest around $50 million in the development of the project.
(Reporting by Sameer Manekar in Bengaluru; Editing by Sriraj Kalluvila and Vinay Dwivedi)
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