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Millennial Lithium says to begin production in 2021

Published 2018-10-10, 03:07 a/m
Updated 2018-10-10, 03:10 a/m
© Reuters.  Millennial Lithium says to begin production in 2021

© Reuters. Millennial Lithium says to begin production in 2021

DUBAI, Oct 10 (Reuters) - Vancouver-based Millennial Lithium ML.V will begin production at its Argentina flagship site in 2021, President and CEO Farhad Abasov said this week.

The company aims to produce 25,000 tonnes of lithium carbonate annually at the Pastos Grandes site over an expected life of 25 years, Abasov said on the sidelines of a mining conference in Dubai.

The ramp-up period will be three years.

Abasov said Millennial was in talks with two potential customers to each buy half of the output, as well as to invest in the company to help it achieve its capital expenditure goal of about $410 million. He did not give more details.

Demand for lithium is rising as the metal is an ingredient in electric car batteries but an oversupply of lithium has put pressure on prices this year.

The company's second site, also in Argentina, has just received drilling permits, he said.

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