IBATF - INTERNATIONAL BATTERY METALS LTD. ANNOUNCES THE SIGNING OF A TERM SHEET FOR OUR MODULAR DIRECT LITHIUM EXTRACTION PLANT WITH A CUSTOMER | Benzinga
VANCOUVER, BC, AND HOUSTON, Jan. 11, 2024 /CNW/ - International Battery Metals Ltd. (the "Company") (CSE:IBAT), is pleased to announce the signing of a term sheet for deployment of our modular direct lithium extraction plant (the "MDLE Plant") with a customer (the "Customer") in the western United States. Our MDLE Plant utilizes our proprietary selective absorption media minimizing the use of chemicals, reducing by-product waste, and recovering over 98% of our process water. The Customer is a significant producer of metals and minerals including the production of battery grade lithium carbonate. Pursuant to the terms sheet, IBAT will immediately begin mobilizing the MDLE Plant to the Customer's site where it will be integrated into existing production facilities. The initial targeted production, following commissioning, is approximately 4,000 metric tons per annum of lithium carbonate with the goal of increasing this production to over 8,000 metric tons per annum by optimizing the MDLE Plant. The integrated system will represent the first commercial direct lithium extraction operation to go online in North America.
The term sheet provides for mobilization fees and cost sharing arrangements for the commissioning and optimization of the MDLE Plant. Once the MDLE Plant completes the initial commissioning, the term sheet also provides that IBAT will be entitled to monthly equipment rentals and royalties based on the volumes produced and the realized sales value of the lithium carbonate. Additionally, the ...