US-based chemical company Albemarle has made a C$109 million ($81.17 million) investment in Canadian miner Arbor Metals’ St James Lithium camp located in Quebec, Canada.
The St James Lithium Camp encompasses Arbor Metals’ Jarnet Lithium Project, which holds a prominent position within Arbor’s lithium portfolio. Arbor acquired the 3,759-hectare Jarnet project in January 2022 with the intention of realizing its full potential.
The Jarnet Lithium Project consists of 47 map-designated claims that are adjacent to Patriot Battery Metals’ Corvette-FCI claim block. Just before Arbor’s acquisition, the Corvette-FCI site had confirmed “significant lithium mineralization.”
Mark Ferguson, Arbor’s CEO and President, expressed optimism about Albemarle’s substantial investment in the St James Lithium Camp, viewing it as an affirmation of the camp’s potential. The St James region is rapidly gaining recognition as a significant lithium district, and Albemarle’s commitment underscores the importance of lithium resources in the area.
US Inflation Reduction Act (IRA) Implications:
The production of lithium from the St James lithium camp will contribute to meeting the minimum threshold set by the US Inflation Reduction Act (IRA) for domestically produced clean energy components. As the IRA covers countries with which the US has a free trade agreement, including Canada, companies in the US will reap similar benefits from using Canadian lithium as they do from US lithium.
Consequently, the lithium production from the St James lithium camp is expected to be highly sought after by US companies focused on energy transition, such as battery manufacturers.
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