Cadence Minerals Bacanora Lithium commences initial site activities at Sonora Lithium Project

Cadence Minerals plc (LON:KDNC) has noted that Bacanora Lithium (LON:BCN) has commenced initial site activities at the Sonora Lithium Project, located in Mexico. This milestone follows the Company’s successful US$65 million fundraise last week, which, in combination with existing cash and the undrawn portions of its debt financing facility, will finance Bacanora’s 50% share of the capital cost required for Stage 1 of the Project. 

Bacanora is building the Project together with its partner, Ganfeng Lithium Co., Ltd., the world’s largest lithium metals producer. Both parties are working towards a development timetable for Sonora, with scheduled production of battery grade lithium products in 2023.

Initial site works

The Company has engaged a local specialist ecological services company based in Sonora to begin initial site works. These activities will involve the rescue and removal of surface vegetation and topsoil in the area required for the construction of the lithium processing plant. These activities are being performed in compliance with its obligations pursuant to its environmental approvals. The excavated material will be stockpiled at a location adjacent to the plant site and will be stored in an approved manner in order that it can be incorporated into the future project rehabilitation schedule. A team of 15 personnel has been deployed to site, including two ecologists, a biologist, and a forestry engineer. The majority of these personnel reside in the local area. In addition, the Bacanora construction team has commenced the preparatory work required to upgrade the main access road to the site in preparation for providing access for heavy equipment to commence the bulk site earthworks later in the year. The tender process for this work has commenced and is focusing on using local construction and engineering groups from the surrounding Sonora region. Work is also currently underway to commence the tender process for the site accommodation and ancillary facilities, scheduled to be commissioned by the end of Q2, 2021.

Engineering works

Transmission of engineering drawings and documentation from Ganfeng and its equipment suppliers in China has commenced and the final engineering packages will be delivered to Bacanora in Q2, 2021. In addition, Bacanora is working with its principal equipment suppliers to finalise a schedule for the delivery of the larger items of processing equipment for delivery in 2022.  As part of this schedule, orders for the larger items of process equipment that have delivery schedules of over 12 months will be placed during Q3, 2021 for delivery to site in late 2022.

Community Engagement

Bacanora continues to work with the Sonora Government and the local municipalities in the region of the mine site. With the critical step of project funding now completed, the Company will continue to develop its community engagement strategy on education, training and development of local workforce as the Project transitions through the development stage into operations in 2023.

The Company’s latest presentation is also available for download here: https://www.bacanoralithium.com/investor-relations/restricted-company-presentations/

Link here for the full BCN announcement: https://www.londonstockexchange.com/news-article/BCN/commencement-of-early-site-works-at-sonora/14859200 

Peter Secker, CEO of Bacanora said:  “I am delighted to announce Bacanora has commenced initial site works at the Sonora Lithium Project, located in Mexico. This milestone cements Bacanora’s transition into a mine-development company as it looks to fulfil its ambition of becoming a lithium producer in 2023. I look forward to updating the market with further positive progress reports as we build the Sonora Lithium Project in conjunction with our strategic investor and project partner, Ganfeng.”

Cadence CEO Kiran Morzaria added:  “Today’s announcement not only marks a significant step towards Bacanora’s ambition to become a lithium producer in 2023, but also reflects positively on our ambitions for the Mexalit and Megalit joint ventures with Bacanora, which are part of the Sonora 20-year mine plan. We look forward to further news on the mine development.”

Cadence Minerals – Holdings in Mexalit and Megalit:

Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which form part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Cadence Minerals

More articles like this

Cadence Minerals

Iron ore futures climb

Dalian iron ore futures climbed on Wednesday, while the Singapore benchmark price for the steelmaking ingredient extended gains, following the Chinese central bank’s move to inject additional liquidity into the banking system. The People’s Bank of

Cadence Minerals

Iron Ore uses

Iron ore is a crucial raw material for the production of steel, which is used in various industries for various purposes. Some of the main uses of iron ore include: Steel Production: Iron ore is the main

Cadence Minerals

Cadence completes sale of Yangibana tenements

Early-stage investment and development company Cadence Minerals has completed the sale of 30% of its working interests in the Western Australia-based Yangibana rare earths project tenements to Australia-based rare earths company Hastings Technology Metals. Cadence received 2.45-million (worth A$9-million) of

Cadence Minerals

Cadence Minerals portfolio company Evergreen to list on ASX

Cadence Minerals plc (LON:KDNC) has announced that Evergreen Lithium Limited has filed its admission Prospectus with Australian Securities & Investments Commission and the Australian Stock Exchange. Cadence owns approximately 15.8 million Evergreen shares which are anticipated

Cadence Minerals

Iron ore futures Rise in bargain-buying bounce

Iron ore futures climbed on Wednesday, recovering from a decline in previous sessions, as investors returned to the market following China’s decision to curb excessive market speculation. The most-active May iron ore contract on China’s Dalian

Cadence Minerals

Iron ore climbs above US$120

Iron ore futures extended gains on Wednesday (Jan 11), with the Singapore benchmark contract vaulting past US$120 a tonne to hit a fresh six-month peak, as concerns over supply added support to prices already boosted by brightening

Cadence Minerals

Cadence says Amapa study shows high-grade iron potential

Cadence Minerals has said its pre-feasibility study for the Amapa Iron Ore project in Brazil has delivered ‘robust economics’. The London-based early stage investment and development company focused on the mineral resource sector said the study

Cadence Minerals

Iron ore edges higher

Chinese iron ore and steel futures edged higher on Wednesday on optimism that surging COVID-19 infections in the country would prompt stimulus measures to shore up the world’s second-largest economy. Top steel producer China will likely

Cadence Minerals

Iron ore scales 23-week peak

Iron ore futures climbed on Tuesday, with the Dalian benchmark hitting its highest in 23 weeks, propped up by top steel producer China’s moves to ramp up support for struggling property developers. China’s securities regulator will

Cadence Minerals

Iron ore extends rally on China demand hopes

Iron ore futures advanced on Friday and were set for their third straight weekly rise, as top steel producer China’s latest moves to shore up its flagging economy brightened demand prospects. Expectations that Beijing will take

Cadence Minerals

Dalian iron ore hits 2-week high

Dalian iron ore climbed to its highest in two weeks on Tuesday, supported by persistent hopes of China easing its COVID-19 rules and technical buying, despite worries about a surge in new coronavirus cases in some