Perth-based retail and industrials conglomerate Wesfarmers has announced it will forge ahead with a near billion-dollar investment to construct a lithium mine in the Western Australian region of Mt Holland.
Wesfarmers told investors after market close on Wednesday evening it had made a final decision to proceed with the investment in the mine and its associated refinery in Kwinana which it is building via a joint agreement with Chilean chemical company Sociedad Química y Minera de Chile (SQM).
The two businesses’ joint venture company, Covalent Lithium, completed a fresh feasibility study on the mine, determining its annual production capacity of 50,000 tonnes of battery-grade lithium, a 5,000-tonne increase on the original planned production capacity.
Wesfarmers and SQM are currently in the process of landing all necessary approvals for the project though final approval is required from the Western Australian Environmental Protection Authority.
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