Canadian Mining Journal

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FINANCING: Lease facility secured, equipment arrives at Quebec Lithium project

QUEBEC – Canada Lithium Corp. of Toronto says the long lead time equipment has arrived on site at its Quebec Lithium open pit mine and mill 60 km north of Val d’Or. The delivery was made possible when the company secured a...



QUEBEC – Canada Lithium Corp. of Toronto says the long lead time equipment has arrived on site at its Quebec Lithium open pit mine and mill 60 km north of Val d’Or. The delivery was made possible when the company secured a US$17-mllion lease facility for the Caterpillar mobile mining equipment.

As part-consideration to Investissement Québec, the company has obtained TSX approval to grant five-year warrants, to be issued at drawdown. In addition, Cat Financial has been issued 100,000 warrants at an exercise price of $0.61.

The recent financing comes on top of the C$75-million project debt facility announced in February 2012.

Construction of the Québec Lithium project began in August 2011. Work at the lithium carbonate plant has moved inside the building for the installation of the ball mills and flotation circuits. Major equipment long lead items such as crushers, ball mills, electrical sub-station, kiln and hydrometallurgical components have begun arriving on-site.

Commissioning of the US$207-million project is scheduled to begin in late 2012, and Canada Lithium expects sales of battery-grade lithium carbonate to begin late in the Q1 2013. At full production, the Québec Lithium project will produce more than 20,000 tonnes of battery grade lithium carbonate per year.

Several technical reports about the project are posted at CanadaLithium.com.