UK-based mineral exploration firm Cornish Lithium has successfully secured £53 million (approximately USD 67 million) in investment. The funding comes from the UK Infrastructure Bank, in collaboration with the Energy and Minerals Group (EMG) and TechMet. Importantly, the investors also retain the option for a second-stage investment of £168 million.
While the primary focus of this investment will be the extraction of hard rock lithium from a kaolin pit at Trevalour Downs, Cornish Lithium has plans to allocate a portion of the funds to the engineering design of a demonstration-scale geothermal lithium extraction facility.
During a previous geothermal industry panel meeting, Jeremy Wrathall, the founder and CEO of Cornish Lithium, emphasized the potential of geothermal waters as a source of lithium, which could potentially meet the entire lithium demand of the UK. This ambitious goal aims to supply around 80,000 tons of lithium carbonate equivalent by 2030.
John Flint, representing the UK Infrastructure Bank, commented on the investment, stating, “Our investment… will greatly accelerate domestic production of a mineral which is critical to the future of EV battery production and decarbonization of the transport sector.”
Cornish Lithium had previously conducted drilling activities, including two research boreholes in the Gwennap area of Cornwall, and is anticipated to have completed the drilling of an additional exploration borehole at the Blackwater site as part of its ongoing efforts.
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