Century Lithium (TSXV: LCE) has entered eight memoranda of understanding (MOUs) in order to advance its Chlor-Alkali plant in Nevada.
The company says it is currently in the process of selecting the site’s location. Once complete, the plant will support the critical mineral supply chain in the western US and the company's Angel Island lithium project.
“The proposed plant has the potential to generate revenue on its own, train an operating team and reduce future reagent supply risk to Angel Island,” said Bill Willoughby Century Lithium’s president and CEO.
Located in Esmeralda County, Nevada, Angel Island holds one of the largest sedimentary lithium deposits in the US. Century Lithium is currently advancing Angel Island through the permitting process. The company has developed a process to combine hydrochloric acid leaching with direct lithium extraction, turning it into battery-grade lithium carbonate.
To support its goals, the company has entered eight MOUs with companies in various industrial and chemical sectors across the Western US. Century Lithium says it will supply the companies with chlorine, hydrochloric acid and sodium hydroxide produced at the plant.
"In the course of our work on Angel Island, Century Lithium identified chlor-alkali products as a fundamental component of the critical minerals supply chain," Willoughby added.
Century Lithium plans to finance the plant through a non-dilutive financing strategy. Currently, the company’s market cap sits at $43.34 million (US$30.74 million).
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