Team Blitz India
LONDON: UK mining company Cornish Lithium has secured a £53 million ($67 million) investment to advance the country’s lithium supply chain.
This financial backing comes from the UK Infrastructure Bank, the Energy & Minerals Group (EMG), a US private equity fund, and TechMet, a critical minerals investment company.
The $67 million constitutes a part of a more extensive funding package, which could total up to $210 million, including potential second-stage financing.
This investment infusion is intended to propel Cornish Lithium towards commercial lithium production.
Presently, the company’s goal is to generate 8,000 tonnes per annum (tpa) of battery-grade lithium from its substantial lithium deposits found in deep geothermal waters, considered “globally significant.”
Jeremy Wrathall, CEO of Cornish Lithium, is reported to have said, “Securing funding from institutional investors with the financial resources to advance our projects into commercial production has been essential for Cornish Lithium.”
In September 2022, the company disclosed that it had obtained Government funding to construct the hydrometallurgical section of the demonstration processing plant for the Trevalour hard rock project.
The company had revealed in 2020 that tests indicated its lithium grades were among the “highest globally” and possessed excellent chemical qualities, according to published records for geothermal waters anywhere in the world.
Cornish Lithium aims to capitalise on the global lithium surge, with forecasts suggesting the worldwide lithium market could potentially reach a value of $19 billion by 2030, attributing this growth to its role in the global energy transition.
