https://www.northernontariobusiness.com/
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Sudbury’s Frontier Lithium has attracted a heavyweight partner in Mitsubishi Corporation to develop its massive PAK lithium project in northwestern Ontario.
On the opening day of the PDAC mining show in Toronto, Frontier Lithium announced a definitive agreement with Mitsubishi to establish a joint venture partnership for both its proposed $US576-million fully integrated mine and a lithium chemicals conversion refinery.
Mitsubishi, a multi-billion-dollar global conglomerate with ties to the battery electric vehicle sector, will acquire an initial 7.5 per cent interest in the project for $25 million, with the option to later boost its ownership stake to 25 per cent. With that investment, Mitsubishi also earns a 25 per cent off-take agreement in lithium production over the operating life of the mine.
Frontier bills the PAK Project as North America’s highest-grade lithium resource and is the largest in Ontario. The 26,000-hectare property hosts two spodumene-bearing lithium deposits with the promise of more as exploration drilling continues. The initial mine life is 24 years.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/frontier-lithium-finds-mine-refinery-project-partner-in-mitsubishi-8394489