According to foreign media reports, Global Lithium Resources Limited announced on November 1st that it had obtained a financing commitment of A $13.6 million to support the rapid development of the company's wholly-owned Marble Bar Lithium Project (MBLP) lithium exploration project. Those involved in the financing include Tianyi Lithium, a lithium hydroxide producer in Yibin, Sichuan Province. Tianyi Lithium, one of the most important shareholders in Global Lithium, has pledged to invest A $6.2 million and acquire a 9.9 per cent stake after the Global Lithium financing is completed.
Global Lithium is a start-up lithium exploration company focusing on the MBLP lithium exploration project in the Pilbara region of western Australia. Global Lithium in the Archer deposit confirmed that there is a presumed mineral resource (Inferred Mineral Resource), reserves of 10.5 million tons, lithium oxide content of 1.0%, this is the company's MBLP lithium project.
Tianyi Lithium Industry is a manufacturer of lithium hydroxide, a joint venture between Suzhou Tianhua Super Clean (68%) and Ningde Times (25%). Tianyi Lithium Industry, the largest supplier of lithium hydroxide in Ningde era, operates a lithium hydroxide plant with an annual capacity of 20,000 tons in Yibin, Sichuan Province. Tianyi Lithium plans to add another 25000 tons of annual capacity by the end of 2021 and carry out the third phase of expansion by the end of 2024, eventually reaching an annual capacity of 110000 tons, which will make Tianyi Lithium one of the largest suppliers of lithium chemical products in China.
Jamie Wright, Managing Director of Global Lithium, said: "Yibin Tianyi Lithium's investment is a strong support and trust in our company, and we look forward to further developing the relationship between the two companies. As we strive to develop the MBLP project, the funds raised will provide strong support for our on-site exploration, and we look forward to doing our best to carry out our MBLP project in 2022. "
Global Lithium and Yibin Tianyi Lithium look forward to jointly developing business in the areas of exploration, business development, potential financing and project development support in the future.
(inferred mineral resources refer to the mineral resources inferred according to the geological conjecture and the information obtained from on-site exploration techniques such as outcrops, grooves, shallow wells, boreholes and so on. )
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