- Galan Lithium (GLN) says it’s returned “excellent” preliminary economic assessment results from its Candelas Project in Catamarca, Argentina
- The study estimates a production profile of 14,000 tonnes per annum of battery grade lithium carbonate product and a 25-year life of project
- Galan says the significant economic outcomes returned from the assessment can be optimised and enhanced further to refine the project’s potential
- Galan Lithium last traded at $1.50 on November 29
Galan Lithium (GLN) said it has returned “excellent” preliminary economic assessment results from its Candelas Project in Catamarca, Argentina.
The preliminary economic assessment (PEA) complies with Canadian standards and is equivalent to a JORC scoping study.
The study estimated a production profile of 14,000 tonnes per annum of battery-grade lithium carbonate products, including some technical grade products, for the first three years.
It estimated a long life for the project of 25 years, with cash production for lithium carbonate sitting at US$4227 per tonne (roughly A$5915), which would position the project as a low-cost developer in the lithium industry.
The PEA process returned significant economic outcomes for the project, which Galan said can be optimised and enhanced further to refine the project’s potential.
Galan’s Managing Director, Juan Pablo Vargas de la Vega, said the company is delighted by the strong and competitive results of the PEA.
“Our projects continue to show healthy economics and upside despite using a conservative long term price assumption at a time when new lithium projects are scarce,” said the managing director.
“Galan now has two potential production fronts combining for a long-term production rate of 34k tonnes per annum of lithium carbonate.”
Galan said it’s excited to be a part of the solution to the global decarbonisation story.
Galan Lithium last traded at $1.50 on November 29.