TNR Gold NSR Royalty Holding: "Celebration Of Pachamama" - Ganfeng Lithium Rolls Out US$600M Investment Plan, Increases Its Stake In Mariana Lithium Over 91.3%.
We extend our congratulations today to Ganfeng Lithium - Mariana Lithium Project is moving fast forward in Argentina:
"Last week in Mariana, our employees held a celebration of Pachamama, and the ritual is to thank the earth for all of what we receive from it. We always care about environmental protection and sustainability, and this local tradition embodies the ideas that we respect"
Ganfeng Lithium September 3, 2021
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Kirill Klip, Executive Chairman of the Company commented, “I am very pleased to see this 55% increase in measured and indicated resources after the previously announced in 2020 increase of more than 250% in measured and indicated resources from the 2017 resource estimate at Mariana Lithium Project. We extend our congratulations to Ganfeng on the successful approval of the Environmental Impact Report by the Salta regional government in Argentina and granted approvals for the construction of a plant with a designed annualized capacity of 20,000 tonnes per annum of lithium chloride.
We are very pleased to see that this new plan represents a 100% increase of previously planned lithium annual production rate presented in the Mariana Project preliminary economic assessment (“PEA”), announced in our news release of January 28, 2019. It was the first PEA on the project that provided a potential value for the total NSR Royalty from Mariana’s life of mine cashflow, which has now been very significantly increased.
We welcome the news from the Salta regional government disclosed in a news release following its discussions with Ganfeng that the likely project expenditure from now to bring the Mariana Project to full production is around US$600 million.
TNR Gold does not have to contribute any capital for the development of Mariana and our NSR Royalty does not depend on the size of ILC’s potentially diluted ownership in the Mariana Project. The 1.8% Mariana NSR Royalty is a very important part of TNR Gold’s portfolio. The essence of our business model is to have industry leaders like Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
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