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Tuesday, May 30, 2023 - 21:06:42
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Mining News Pro - St George Mining has seen encouraging results from lithium exploration activities undertaken at its Mt Alexander project in Western Australia.
The cooperation agreement encompasses a range of key strategic benefits to Leo Lithium, including a commitment to expand the capacity at Goulamina to one million tonnes per annum (1mpta), and a framework for further cooperation on a downstream conversion facility.
Other key benefits of the cooperation agreement include:
a strategic placement to Ganfeng to raise $106.1 million from the issue of 131 million new shares, representing 9.9 per cent of Leo Lithium’s total pro-forma shares on issue
a strategic placement offer price of $0.81 per share based on a 6.5 per cent premium to Leo Lithium’s five-day volume-weighted average price
proceeds from the strategic placement ensure that Leo Lithium is fully-funded for its share of Goulamina stage 1 development and operational ramp-up costs, in addition to being well-positioned to progress its various co-commitments with Ganfeng as part of the cooperation agreement.
Several long-term strategic benefits of the cooperation agreement include:
conducting a study into raising planned stage 2 capacity to 500 kilotonne per annum, lifting overall planned capacity at Goulamina to 1mtpa
jointly studying the concept of co-investing in a downstream conversion facility in Europe or another suitable region within a reasonable distance of West Africa
amending the offtake agreement for Goulamina stage 2 for the potential future downstream conversion facility to produce lithium hydroxide
establishing and jointly funding an exploration joint venture to focus on opportunities in Australia.
Leo Lithium managing director Simon Hay said that the strategic placement and terms of the proposed cooperation agreement with Ganfeng represent a transformational opportunity for Leo Lithium.
“Upon settlement, Leo Lithium will be fully-funded for its share of Goulamina Stage 1 development costs and operational ramp-up, and well-positioned to progress its various co-commitment activities with Ganfeng,” Hay said.
“We are proud to be partnering with Ganfeng, who are a recognised global leader across the lithium value chain and look forward to continuing to build on our strong existing relationship.”
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https://www.miningnews.ir/En/News/622989
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