29th Apr 2014 10:30
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said Western Lithium USA Corp has announced that its lithium carbonate demonstration plant in Nevada is expected to be operational in the fourth quarter.
Rare Earth Minerals holds a 2.2% interest in Western Lithium.
The rare metals and minerals projects investment company said the purpose of demonstration plant is to produce lithium carbonate and by-product samples on pilot scale equipment for strategic investors and potential off-take partners to witness.
The company said it is also for the purpose of completing a feasibility study showing the commercial viability of the project using Western Lithium's patented technology, in order to attract engineering and construction capital.
The project is expected to have a comparably low first-quartile cost structure against other new lithium producers, and to generate a pre-tax net present value of USD552 million at a discount rate of 8%.
Rare Earth Minerals shares were down 0.4% to 0.443 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals