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Latin Build Brazilian Battery Metals

29 March 2023 10:32
ASX: LRS

Latin Resources is set to fast track development of its Salinas Lithium Project in the State of Minas Gerais in Brazil, with the lithium-focused explorer entering into a non-binding Memorandum of Understanding with the state government’s Invest Minas Organisation to help develop the regions battery metal sector in exchange for streamlining of project development.

The agreement comes as Latin moves to update Salina’s 13.3 million tonnes at 1.2 per cent lithium oxide mineral resource estimate following the confirmation of an additional swarm of lithium-bearing pegmatites at its Colina Deposit with intersections up to 33.05m @ 1.83% Li 2O from 319.53m.

Invest Minas is a joint organisation representing both the Minas Gerais’ State Economic and Development Department and the Intergraded Development Institute, with the Secretary of State for Economic Development, Fernando Passalio Avela, signing the agreement in a ceremony held in Perth, Western Australia.

As Invest Minas’ part of the deal, the state government will support and prioritise the development of Latin’s flagship Salinas Lithium Project through fast-tracking approval and licensing of the Project as well as facilitating suppliers to support building an integrated lithium battery sector.

Salinas has now been listed as a priority project by the regional government, setting up a potentially streamlined path for the development of the Colina Deposit to production.

In return, Latin will work to help develop Brazil’s growing battery metals sector by bringing on local employees for its exploration efforts in the region as well as leveraging its access to world-class engineers and other lithium supply chain specialists to supply both the Company and Invest Minas with the knowledge and skills to develop a battery materials sector in Minas Gerais.

The Company said it is happy to have formalised its already strong relationship with the State of Minas Gerais.

“This partnership reinforces the existing cooperation between Latin and the State of Minas Gerais, and we are very pleased to be able to contribute Latin’s expertise and network to develop a strong battery minerals industry in the region to fuel global demand for these minerals,” Managing Director Chris Gale said.

“The potential streamlined approvals pathway for Latin to take the Colina Deposit through feasibility studies and into production provides a significant opportunity for the development of both the project and the region.”

LRS’ Australian Stock Exchange-listed share price has risen 4.54 per cent today, currently selling at 1.15c (10.01 am UTC+ 8 hours).

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