MoU - First Lithium Refinery In India

Manikaran Power Limited signs MOU with leading Australian Minerals Project Developer Neometals Ltd for joint evaluation and development of the first 11,000 tpa lithium refinery in India.

Manikaran Power Ltd, is pleased to announce its Memorandum of understanding with Neometals Ltd , a leading Australian mineral project developer for jointly funding the evaluation of developing the first lithium refinery in India.

The involved parties will contribute their experience, skills, resources, and costs to achieve the best positive outcome from the evaluation activities towards developing India’s First Lithium Refinery. Based on feasibility analysis, a 50:50 joint venture shall be set up for the development of the Lithium Refinery.

The JV will identify a suitable location for the refinery, secure regulatory approvals, and initiate the process of environmental clearances.

While Neometals will be contributing its spodumene concentrate from its Mt Marion mine, any additional spodumene feed, if required, would be sourced from external sources to meet the Lithium Refinery’s needs. This MOU will act as a significant step forward for a sustainable future with electric vehicles and stationary energy storage.

The feasibility analysis is estimated to take approximately 18 to 24 months, whether to proceed with FID and JV is likely to be considered in the first half of CY 2021.

Considering India’s futuristic demand for the electric vehicle, Manikaran and Neometals together believe in the demand for lithium driven by the electrification of transport and storage of renewable energy.

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