Essar Group and Avalon Advanced Materials team up with aim of having $500-million processing plant in operation by 2025 to serve electric vehicle market
Avalon Advanced Materials has found a global financing partner from India to help build a $500-million lithium refinery in Thunder Bay.
After its first development partner backed out, Avalon, a Toronto-based junior miner, announced April 4 that it’s signed a binding letter of intent with RenJoules International, a subsidiary of the Essar Group.
Essar will become a strategic partner and a co-developer to financially back Avalon’s plans to construct a regional processing facility to handle the concentrate from its Kenora-area deposit and other lithium exploration companies in northwestern Ontario.
In a news release, Avalon said it expects construction to begin this year at a yet-to-be-named site in Thunder Bay, which the company said it is finalizing. Tentatively, the plant will go into operation in 2025.