LTHM - Livent Joins Forces with E3 Metals to Develop Lithium Extraction Process
Top lithium producer Livent (NYSE:LTHM) will join forces with lithium junior E3 Metals (TSXV:ETMC,OTC Pink:EEMMF) to develop a lithium extraction process.
Livent will contribute up to US$5.5 million and its technical expertise to develop a process to produce battery quality lithium products from lithium brines in Alberta, Canada, where E3 Metals’ project is located.
The joint agreement also gives Livent the option to turn its investment into a 19.9 percent ownership stake in E3 Metals after the project and funding are completed.
“There are few companies in the world that have the lithium production expertise Livent possesses. We believe this collaboration will accelerate the advancement of the innovative technology we have developed to date,” said President and CEO of E3 Metals Chris Doornbos.
He added that the company is committed to the commercialization of lithium in Alberta.
The first stage of the project will include an ion-exchange process while the second stage will include the construction and operation of a custom pilot plant in Alberta.
At the plant, further testing and processing of the concentrate will take place to be able to produce saleable lithium product at a larger scale.
“The result of this stage will be a detailed process overview and economic development plan for E3’s Alberta lithium project,” the company said in a statement.
The Alberta lithium project has a total of 6.7 million tonnes of lithium carbonate equivalent inferred mineral resources within the Leduc reservoir formation in the Canadian province.
Livent, which spun off from FMC (NYSE:FMC) last year, operates its lithium business in the Salar del Hombre Muerto in Argentina.
On Thursday (September 19), shares of E3 Metals were trading at C$0.50 in Toronto. The company’s share price is up 51.52 percent since January.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: E3 Metals is a client of the Investing News Network. This article is not paid-for content.