Lei lights up as Lithium Plus logs major milestone

Lithium Plus Minerals (ASX: LPM) has released news surrounding its Lei Project in the Northern Territory. I’m joined by the company’s non-executive director, Simon Kidston, to discuss. Welcome Simon. Tell us about the news around Lei.

Simon:

We’ve announced today we’ve logged the mining license application for our Lei Deposit. This is a major milestone for the business. It means we’re fast tracking the development of Lei. It’s got all the key ingredients to be a successful mine. We’ve got support from our stakeholders, the Northern Territory government, and it’s really good to progress this along with what will be the Northern Territories next lithium mine.

Keely:

And Simon, what does this mean for the project?

Simon:

It means we’re fast tracking the development. It’s got the right ingredients. It’s one of the highest grade lithium deposits in the country. It’s close to infrastructure, 70 kilometers from the Port of Darwin. But importantly, we’ve announced an offtake arrangement with a major Chinese lithium processing company. This company will provide, we believe, funding for the project and enable us to share in the margins of converting lithium into lithium hydroxide. So very, very important milestones for the project and we’re progressing it rapidly

Keely:

And expanding more on what you just said. Are you happy with the progress that’s been made to date?

Simon:

There’s so much to love about this project. High grade, close to infrastructure, all the ingredients to be a profitable mine, but having the funding support the offtake from a major Chinese company associated with the biggest battery manufacturing world, CATL, gives this project the right support. It needs to be the next producer of Lithium in the Northern Territory.

Keely:

Very exciting times ahead for the project. Lastly, before we go, switching to some previous news that was announced last week, tell us more about the acquisition and how does this fit into Lithium plus a story.

Simon:

So we’ve acquired some additional tenements focused on uranium and rare earths. This is complementary to our Moonlight projects near Alice Springs. We’ve acquired 1,800 square kilometers of very prospective high grade uranium, and that’s now going to be complimented with some rare earth projects in New South Wales. A very strategic asset in combined, it’s a new vehicle and we’re going to look at how we can separately fund those, which could include a potential new listing on the ASX. It’s one of the options we’re exploring over the coming period.

Keely:

Well, certainly a lot happening for the company, but all very exciting things. Thank you so much for your time. Simon Kidston from Lithium Plus.

Simon:

Thanks Keely.