European Lithium has completed its business merger with Sizzle Acquisition and formed the Critical Metals company which aims to develop the Wolfsberg lithium project in Austria.
The new primary focus of the newly-formed company is the construction and commissioning of the Wolfsberg mine in a move to become a key supplier for the lithium-ion battery supply chain in Europe.
Wolfsberg is expected to be the first licensed lithium mine in Europe. The definitive feasibility study proposes an average mine production rate of 780 000 t/y, peaking at 840 000 t/y over the life-of-mine of over 14.6 years. Ore reserves are estimated at 11.48 million tonnes.
The project is expected to feature two integrated operations: a mining and processing spodumene concentrate plant, and a hydrometallurgical plant to convert the spodumene into battery-grade lithium hydroxide monohydrate. The hydrometallurgical plant is expected to produce 8 800 tons of lithium hydroxide monohydrate annually.
The Critical Metals joint company has started trading its shares on the Nasdaq exchange in the US.
“The company is thrilled to announce completion of the transaction that brings Critical Metals to life and supports the future commercialisation of the Wolfsberg project on Nasdaq,” said European Lithium chairperson Tony Sage.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
