Peru’s Macusani Yellowcake, a subsidiary of Canada’s Plateau Energy, is looking for partners to invest around US $ 800 million and build what could be the world’s largest lithium mine in southern Peru, the company’s manager said.
Ulises Solís, general manager of Macusani Yellowcake, told a press conference that resources equivalent to 2.5 million tons of “high grade” lithium were found after explorations at his Falchani deposit in the Puno region.
In the underground reservoir, whose surface concession area has been drilled by 15%, they have also found 124 million pounds of uranium in resources, he added.
Solis said that they will continue drilling this year and that by the end of 2019 they hope to have a feasible study ready to build the mine.
The executive indicated that investors have approached who seek to manage the project even though the company prefers to have control. However, he said that Plateau Energy, which is listed on the Toronto stock exchange, could be vulnerable to an acquisition of a very large company.
This is the latest announcement of a series of plans to expand or build new lithium mines amid demand forecasts in the electric vehicle industry, which uses lithium in car batteries.
Solis said they will work to obtain legal permits and that one of the challenges for the project will be for the government to pass a law on the exploitation of radioactive minerals in Peru. “There is no legislation for the management of uranium, we are going to work in that line with the government,” he said.
Laurence Stefan, director of operations of Plateau Energy, said that in 10 days they will report in detail the resources of the project and that in principle they would produce 5 or 6 million tons of annual lithium rocks, to obtain 50,000 or 60,000 tons of lithium carbonate equivalent by year.
Stefan said that producing lithium or uranium first will depend on the international price. “We are in the hands of the market, but we prepare for both products,” he said.
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