Uranium One acquires controlling stake in Chilean Lithium Project at Fortune Mining

SMM10, March 16 -: Uranium One Group (U1G) has signed an agreement with Canadian Wealth Mining to acquire a 51 per cent stake in the Atacama lithium project in the Antofagasta region of northern Chile.

"the partnership with U1G will help Fortune accelerate the development of lithium projects by using modern technology and moving away from outdated solar evaporation to more efficient and environmentally friendly adsorption technologies," said Tim McKuchuan, president. .

Covering an area of 46200 hectares, the Atacama lithium project is one of the highest and largest sources of white metal in the world and has become an irreplaceable component of rechargeable batteries in high-tech equipment and electric vehicle (EV).

At present, the market conditions of battery metal are still not the best. Fears of oversupply and cuts in subsidies for electric carmakers in China, the world's largest consumer of metals, have put heavy pressure on prices. The price of lithium carbonate, the most commonly used battery in electric cars, has fallen by more than 40% in the past year.

Australian producers now have inventories of spodumene concentrates, 6 per cent of which are used as raw materials for lithium hydroxide, $325 less than when they were trading at more than $900 a tonne last July. The price of lithium hydroxide fell with the price of carbonate, but is now higher than the latter at $13000 FOB North America.

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