Chilean miner SQM plans to invest US$700mn in an Australian lithium project in 2021-25.
The project, known as Mt Holland, is a JV between SQM and Australia’s Wesfarmers, which will invest another US$700mn in the initiative.
The parties announced a final investment decision in disclosures on Wednesday.
According to an updated definitive feasibility study, initial concentrator and refinery production will be about 50,000t/y of battery grade lithium hydroxide. Environmental approval for the refinery is pending.
Construction is forecast to start in 2H21 and first production of lithium hydroxide is expected in 2H24, SQM said in a filing with Chile’s securities regulator CMF.
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