HIGHLIGHTS
Caucharí-Olaroz
- Construction activities at Caucharí-Olaroz remain on track to achieve first production by mid-2022 on the initial 40,000 tonnes per annum (“tpa”) operation.
- As of
June 30, 2021 , capital expenditures committed were$545 million (85% of the$641 million budget), of which$471 million (73% of the budget) has been spent.- The Company’s share of the remaining capital expenditure is expected to be fully funded from available credit.
- Over 1,200 workers are on site, with over 60% of the total workforce having received at least their first dose of the COVID-19 vaccine.
- Evaporation ponds are on track to begin liming in the second half of 2021, with sufficient brine inventory to support production ramp up.
- With all major equipment on site, focus is on construction of the chemical and processing plants:
- Solid-liquid separation plant is over 73% complete.
- Solvent extraction (SX) plant is 65% complete.
- Potassium chloride (KCl) plant is over 67% complete.
- In May, the Company announced in partnership with Ganfeng Lithium Co. Ltd., the approval to commence development planning for a second stage expansion of at least an additional 20,000 tpa of lithium carbonate equivalent (“LCE”).
- Results of a Feasibility Study on the first phase of
Thacker Pass (for at least 30,000-35,000 tpa of lithium carbonate) (“Phase 1”) are expected by year end. - Engineering is underway to consider a 20,000 tpa lithium hydroxide chemical conversion plant, to provide flexibility to meet potential customer and partner needs.
- The Company continues to evaluate partnership and financing opportunities for
Thacker Pass to advance and de-risk the project. - The process testing facility in
Reno, Nevada , continues to operate with enhanced COVID-19 protocols in place and has produced over 30,000 kg of lithium sulphate solution. - In
February 2021 , claims were filed against theBureau of Land Management to appeal the issuance of a Record of Decision forThacker Pass . The Company has been advised a final ruling is expected byJanuary 2022 . - Construction remains on target to begin in early 2022, following the receipt of remaining state permits and water right transfers, and resolution of the appeal.
Corporate:
- As at
June 30, 2021 , the Company had$505 million in cash and cash equivalents and$156 million in undrawn credit. - On
June 10, 2021 ,Kelvin Dushnisky andJinhee Magie joined the Company’s Board.Mr. Dushnisky previously served as the CEO and a member of the Board of Directors of AngloGold Ashanti Ltd. and as a President and member of the Board of Barrick Gold Corp.Ms. Magie is currently the Chief Financial Officer and Senior Vice President of Lundin Mining Corporation. - In
July 2021 , the Company completed a strategic investment inArena Minerals Inc. (TSX-V: AN) (“Arena Minerals”) of$5 million for an approximate 12.9% equity interest (14.6% on a fully diluted basis). - The Company engaged a consultant to provide an estimate of the carbon footprint and water impact for
Thacker Pass and Caucharí-Olaroz.
FINANCIAL RESULTS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information) | Quarter ended | ||||
2021 | 2020 | ||||
$ | $ | ||||
Expenses | (13.0 | ) | (6.5 | ) | |
Net loss | (19.3 | ) | (6.0 | ) | |
Loss per share – basic | (0.16 | ) | (0.07 | ) |
(in US$ million) | As at 2021 | As at 2020 | ||
$ | $ | |||
Cash and cash equivalents | 505.2 | 148.1 | ||
Total assets | 708.6 | 326.7 | ||
Total long-term liabilities | (156.0 | ) | (127.3 | ) |
During the six months ended
The higher net loss in Q2 2021 compared to Q2 2020 is primarily attributable to higher
Click here to view the Company’s second quarter results for 2021.
About
For further information contact:
Investor Relations
Telephone: 778-656-5820
Email: ir@lithiumamericas.com
Website: www.lithiumamericas.com
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as forward-looking information) under the provisions of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking information. Examples of forward-looking information in this news release include, among other things, statements related to: successful development of the Caucharí-Olaroz project and the
Forward-looking information is based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such information. Such information reflects the Company’s current views with respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the Company today, are inherently subject to significant uncertainties and contingencies. These assumptions include, among others, the following: current technological trends; a cordial business relationship between the Company and Ganfeng for the Caucharí-Olaroz project; ability of the Company to fund, advance and develop the Caucharí-Olaroz project and the
Forward-looking information also involves known and unknown risks that may cause actual results to differ materially. These risks include, among others, inherent risks in the development of capital intensive mineral projects (including as co-owners), variations in mineral resources and mineral reserves, global demand for lithium, recovery rates and lithium pricing, risks associated with successfully securing adequate financing, changes in project parameters and funding thereof, risks related to growth of lithium markets and pricing for products thereof, changes in legislation, governmental or community policy, changes in public perception concerning mining projects generally, political risk associated with foreign operations, permitting risk, including receipt of new permits and maintenance of existing permits, outcomes of litigation concerning the Company’s mineral properties, title and access risk, cost overruns, unpredictable weather and maintenance of natural resources, unanticipated delays, intellectual property risks, currency and interest rate fluctuations, operational risks, health and safety risks, and general market and industry conditions. Additional risks, assumptions and other factors are set out in the Company’s most recent annual management discussion analysis and annual information form, copies of which are available under the Company’s profile on SEDAR at www.sedar.com and on the
Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not to place undue reliance on such forward-looking information.
Source:
2021 GlobeNewswire, Inc., source