Australia’s Galan Lithium is set to receive a capital infusion of A$50mn ($36.9mn) to enable its lithium mining and exploration operations across Argentina and Australia.

 

The phased private equity placement will be used to convert resources to reserves and fast-track the construction of production wells at Galan’s Salar del Hombre Muerto unit. It will facilitate drilling at the Candelas site and transition the Greenbushes project from scoping to exploration, noted the media on Aug 13.

 

Galan’s Salar del Hombre Muerto and Candelas facilities are located in South America and have combined estimated resources of 2mn mt of lithium carbonate equivalent (LCE). The company hasn’t disclosed production schedules yet, however, according to Friday’s media reports, it is expecting the investments to pay off in the next 4-5 years.

 

($1 = A$1.36)

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