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Russian Uranium One signed a deal to develop a lithium deposit in Argentina

Uranium One is a subsidiary of ROSATOM, and one of the world’s largest uranium producers with a diverse portfolio of assets worldwide.The company is developing new business areas, including biofuels and rare metals (lithium, etc.)

Russian Uranium One signed a deal to develop a lithium deposit in Argentina

Moscow, November 30 - Neftegaz.RU. On November 29th, Uranium One Holding entered into an agreement with Alpha Lithium Corporation to establish a joint venture to develop the Tolillar lithium deposit in Argentina.

The 27,500 hectares deposit is located in the Argentine province of Salta within the world famous «lithium triangle».
This region is rich with hydromineral raw materials with a high concentration of lithium.
Brad Nichol, Alpha’s President and CEO commented:
  • We are excited to enter into this partnership with Uranium One
  • Their proven ability to execute large-scale industrial projects and extensive global experience in operating mining and processing facilities will prove to be invaluable in ensuring the successful development and operation of the Tolillar project
  • Uranium One’s involvement in the lithium industry is a clear indication that lithium is critical to the future of the global economy and serves as an important vote of confidence in the work that Alpha Lithium has been undertaking in recent years
The agreement provides for the initial subscription for shares in Alpha One Lithium by Uranium One Holding for consideration of $30 million, which will result in Uranium One and Alpha Lithium each holding 15% and 85%, respectively.

The main asset of Alpha One Lithium comprises the 100% stake in the Argentine project company Alpha Argentina, which owns the exploration and production rights for the Tolillar lithium deposit.

Following completion of a bankable feasibility study on the project, Uranium One will have the option to invest an additional $185 million which would result in its shareholding in Alpha One Lithium increasing to 50%.
Upon exercise of the option, Uranium One will be entitled to 100% off-take of the project’s production.

The transaction was agreed as part of Uranium One's business diversification strategy, which provides for the development of rare and rare-earth important metals associated with the supply of raw materials to high-tech industries.
Andrey Shutov, President of Uranium One Group, said:
  • Lithium is an essential material for the provision of resources for the green economy of the future
  • The development of this line of business is strategically important for ROSATOM
  • The project in Argentina will be implemented in accordance with the principles of sustainable development
  • We are currently evaluating other rare and important metal deposits

Source : Neftegaz.RU


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