Over 20,000 tonnes of lithium concentrate from the Bougouni mine in Mali are ready for delivery, but export is stalled due to permit issues.
Cobalt demand is set to hit 400,000 tonnes by the early 2030s, up from 222,000 in 2024.
Chosen company will join Codelco to develop a project located in Chile’s second largest salt flat by lithium reserves.
Kachi lithium resource increase comes as sale talks heat up amid shifting market dynamics and rising M&A activity in Argentina.
CEO Jakob Stausholm says brines in Argentina, Chile and Bolivia offer the best chance for the world to access low-cost, high-quality lithium.
The Shaakichiuwaanaan project now holds 108M tonnes at 1.4% lithium oxide, equating to 3.8M tonnes of lithium carbonate equivalent.
Deal aligns with the coal miner’s strategy to diversify into energy-transitioning metals and renewable energy.
The discovery is highlighted by a massive sulphide intercept with a cumulative length of 34.9 metres -- the longest ever recorded on the property.
Proceeds are expected to be sufficient to fund operations until a commercial recovery permit has been issued, the company said.
Cobalt Holding is seeking $230M from its IPO, potentially the largest in the sector since Ithaca Energy Plc raised around $300M in late 2022.