AMG Advanced Metallurgical Group N.V. Approves Lithium Project
(Thomson Reuters ONE) -
Key Highlights
* AMG's Supervisory Board approves project to construct a lithium concentrate
(spodumene) plant at the Mibra mine in Brazil, with an initial annual
production of 90,000 tons, expandable to 140,000 tons
* Production is expected to commence in the first quarter of 2018 and capital
investment is estimated at approximately $50 million
* AMG expects to be the low cost producer of lithium concentrate globally
* Pre-feasibility study for the construction of a lithium chemical plant, with
targeted annual production of between 14,000 tons and 20,000 tons lithium
carbonate equivalent (LCE), will be completed in the fourth quarter 2016
Amsterdam, 20 July 2016 (Regulated Information) --- AMG Advanced Metallurgical
Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") is pleased to announce that the
Supervisory Board of AMG has approved the construction of a lithium concentrate
(spodumene) plant at the Mibra mine in Brazil.
"Following a number of years spent on preparatory activities, including the
operation of a pilot plant at AMG's Mibra mine in Brazil, we are delighted to
announce our entrance into the lithium market," said Dr. Heinz Schimmelbusch,
CEO and Chairman of the Management Board. "The recovery of lithium-bearing
minerals from existing tailings will enable AMG to be a cost leader in the
lithium market, creating significant value for our shareholders."
AMG's new business segment, AMG Lithium, will commence operations in the first
quarter of 2018, with an initial annual production capacity of 90,000 tons of
lithium concentrate, expandable to 140,000 tons. Total capital investment is
estimated at approximately $50 million and will be incurred primarily in 2016
and 2017.
The recovery of lithium-bearing minerals from existing tailings, a by-product of
AMG's tantalum operations in Brazil, is expected to result in a cost-leading
production process.
This announcement follows the press release distributed on March 10, 2016, in
which AMG announced that Outotec completed an affirmative prefeasibility study
for the recovery of lithium-bearing mineral Spodumene.
In addition, AMG has completed an affirmative scoping study for the downstream
conversion of lithium concentrate into lithium hydroxide and/or lithium
carbonate. As part of this analysis, AMG performed a global site location study
to determine the best location for a new lithium chemical plant.
Following the successful completion of the scoping and location studies, AMG has
commissioned Hatch to complete a pre-feasibility study for the construction of a
lithium chemical plant, with targeted annual production of between 14,000 tons
and 20,000 tons lithium carbonate equivalent (LCE).
The previously published Technical Report on Mineral Resources states that AMG's
Mibra mine has 14.7 million tons of measured and indicated resources, including
tantalum, niobium, tin and lithium. AMG estimates that the current life of the
mineral resource is approximately 18 years, based upon current production
levels.
Chemical grade lithium is primarily used in lithium-ion batteries and in the
fine-chemical industry.
Further details of AMG's lithium project can be found on AMG's website under
www.amg-nv.com/Investors/Presentations.
About AMG
AMG is a global critical materials company at the forefront of CO(2) reduction
trends. AMG produces highly engineered specialty metals and mineral products and
provides related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end markets.
AMG produces aluminum master alloys and powders, titanium alloys and coatings,
ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and
silicon metal. AMG Engineering designs and produces vacuum furnace equipment
and systems used to produce and upgrade specialty metals and alloys for the
transportation, automotive, infrastructure, and energy markets.
With approximately 3,000 employees, AMG operates globally with production
facilities in Germany, the United Kingdom, France, Czech Republic, United
States, China, Mexico, Brazil and Sri Lanka, and has sales and customer service
offices in Russia and Japan (www.amg-nv.com).
For further information, please contact:
AMG Advanced Metallurgical Group N.V. +1 610 293 5804
Steve Daniels
Senior Vice President
sdaniels(at)amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are
"forward looking". Forward looking statements include statements concerning
AMG's plans, expectations, projections, objectives, targets, goals, strategies,
future events, future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, plans or goals relating to forecasted production,
reserves, financial position and future operations and development, AMG's
business strategy and the trends AMG anticipates in the industries and the
political and legal environment in which it operates and other information that
is not historical information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward looking statements involve
inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements speak only as
of the date of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward looking
statement contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions, or circumstances on which
any forward looking statement is based.
July 20 2016 A:
http://hugin.info/138060/R/2029404/754583.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AMG Advanced Metallurgical Group N.V. via GlobeNewswire
[HUG#2029404]
Unternehmensinformation / Kurzprofil:
Datum: 20.07.2016 - 07:01 Uhr
Sprache: Deutsch
News-ID 484197
Anzahl Zeichen: 7409
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 285 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AMG Advanced Metallurgical Group N.V. Approves Lithium Project"
steht unter der journalistisch-redaktionellen Verantwortung von
AMG Advanced Metallurgical Group N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
