CleanTech Lithium PLC Announces CEOL Update
Rhea-AI Summary
CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) reports that the Chilean Government has prioritized Laguna Verde, the company's flagship project, as one of six salt flats for lithium development. This is part of the process for awarding a Special Lithium Operating Contract (CEOL) to enter production. Key points include:
1. CTL submitted Expressions of Interest (RFIs) in June 2024.
2. Companies must meet criteria including industry experience, financial capacity, and holding mining concessions covering at least 80% of the CEOL area.
3. CTL is the only company meeting the mining concession area requirement for Laguna Verde.
4. The next stage is for companies to submit CEOL applications by December 31st, 2024.
5. CTL aims to start production at Laguna Verde by 2027.
Positive
- Laguna Verde prioritized by Chilean Government for CEOL awarding process
- CTL is the only company meeting the mining concession area requirement for Laguna Verde
- CTL has developed strong relationships with indigenous communities
- The company is aligned with Chile's National Lithium Strategy
- CTL is targeting production at Laguna Verde for 2027
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, CTLHF gained 163.81%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Chilean Government prioritises Laguna Verde for CEOL
JERSEY / ACCESSWIRE / September 27, 2024 / CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile for the clean energy transition, reports an announcement by the Chilean Government on the Expressions of Interest ("RFIs") process under which the Company made submissions in June 2024. This is part of the process for the awarding of a Special Lithium Operating Contract ("CEOL") to enter production.
The Government has prioritised six salt flats for lithium development, including Laguna Verde the Company's flagship project, as having the most favourable conditions to advance lithium exploration and extraction. The Ministry of Mining will award one CEOL per salt flat with companies only considered if they meet certain criteria.
Highlights:
Laguna Verde prioritised by the Chilean Government as one of six salt flats for which the CEOL awarding process will start.
CTL submitted RFIs to the Chilean Government in June 2024 in line with the updated CEOL application procedure as part of the National Lithium Strategy.
For a CEOL to be awarded companies must have experience in any stage of the lithium industry value chain, which includes exploration and development, the financial capacity to develop the project and, additionally, hold mining concessions equivalent to or greater than
80% of the applicable CEOL area within any of the six prioritised salar basins.CTL´s RFI application directly addressed each of these key criteria and as the Company has a dominant licence position in the Laguna Verde basin it is the only Company that meets the mining concession area requirement.
The Chilean Government will now commence indigenous community consultations related to these six salars.
Additional to other criteria, CTL has developed a strong relationship with indigenous communities located in the surroundings areas, based on early engagement including a collaborative alliance signed in December 2023 to co-design the project´s Environmental Impact Assessment ("EIA"). The Company is also working with the regional University to promote local opportunities for future projects.
The next stage of the process is for companies to submit the CEOL application by December 31st 2024.
The RFI process has been transparent, and recognises the importance of progress made by applicants, with CTL being a leader in developing its projects based on using Direct Lithium Extraction ("DLE"), early and groundbreaking community engagement in the Atacama region, and full alignment with Chile´s National Lithium Strategy.
Steve Kesler, Executive Chairman and Interim CEO, of CleanTech Lithium PLC, said:
"We are pleased the Chilean Government has provided an update on the CEOL process to support the lithium industry in Chile. It is very positive to see Laguna Verde has been prioritised as one of the salt flats that has the most favourable conditions to develop lithium production. We submitted our RFI highlighting the significant investment we have already made, the positive progress with DLE and our established engagement with local indigenous communities. The criteria set out by the Government recognises the status of the Company´s progress at the Laguna Verde project and puts in place a clear path to award a CEOL and the project's development into production, which is targeted for 2027."
For further information contact: |
|
CleanTech Lithium PLC |
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Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
| Or via Celicourt |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Fox-Davies Capital Limited (Joint Broker) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. https://ctlithium.com/
**ENDS**
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SOURCE: CleanTech Lithium plc
View the original press release on accesswire.com
FAQ
What is the significance of Laguna Verde being prioritized by the Chilean Government for CleanTech Lithium (CTLHF)?
When is the deadline for CleanTech Lithium (CTLHF) to submit its CEOL application?
What advantage does CleanTech Lithium (CTLHF) have in the CEOL application process for Laguna Verde?
What is CleanTech Lithium's (CTLHF) target year for starting production at Laguna Verde?
