- Avalon Advanced Materials (AVL) has announced a strategic partnership to co-develop a lithium refinery
- The Toronto-based mineral development company signed a binding letter of intent with RenJoules International, an Essar Group Company
- RenJoules will support the co-development of Avalon’s regional lithium materials supply chain
- This includes building a lithium battery materials refinery in Thunder Bay, Ontario
- Avalon Advanced Materials opened trading at C$0.15 per share
Avalon Advanced Materials (AVL) has announced a strategic partnership to co-develop a lithium refinery.
The Toronto-based mineral development company signed a binding letter of intent with RenJoules International, an Essar Group Company.
CEO, Don Bubar sat down with Shoran Devi to discuss the partnership.
“While EV manufacturing and lithium battery materials production can be the initial catalyst for starting critical minerals supply chains in the North, it is just the beginning where the innovation of new products and new efficient processing technologies for other critical minerals such as tantalum, cesium, and rare earths, can inspire future growth into other areas of advanced manufacturing including aerospace technology.”
Under terms of the deal, RenJoules will support the co-development of Avalon’s regional lithium materials supply chain.
That includes building a lithium battery materials refinery in Thunder Bay, Ontario.
The agreement involves providing initial financial and development support for building the lithium refinery.
The refinery will be designed to accept lithium minerals concentrates, not only from Avalon’s Separation Rapids Lithium Project north of Kenora, Ontario but also from other aspiring new producers from the many lithium pegmatite resources that occur in northwestern Ontario.
The entire investment requires an initial capital injection of $500 million, which both companies will jointly provide.
Construction on the refinery is planned to begin this year, with plans to be in operation by 2025.
Avalon Advanced Materials (AVL) opened trading at C$0.15 per share.