Critical Metals Updates Progress on Wolfsberg Lithium Project
On Thursday, Critical Metals provided an update on the Wolfsberg Lithium Project, located in Austria. Tony Sage, CEO and Executive Chairman of Critical Metals Corp, highlighted significant progress not only with the Wolfsberg Project but also with the company's rare earth asset in Greenland. Sage emphasized the ongoing development plans for the Wolfsberg Project and its associated lithium hydroxide plant in Saudi Arabia.
The Wolfsberg Project recently received approval for drilling in Zone 2, which Sage views as a key opportunity for stakeholders to unlock additional value from this important lithium asset. Earlier this year, Critical Metals Corp, in partnership with the Obeikan Group, formed Arabian New Energy Corp—a 50/50 joint venture focused on developing, constructing, and commissioning a lithium hydroxide processing plant in Saudi Arabia. The plant will convert lithium spodumene concentrate from the Wolfsberg site.
Arabian New Energy Corp has appointed Hatch Ltd., a leading global engineering firm, to begin design work on the lithium refinery in Saudi Arabia. The plant is expected to produce up to 20,000 metric tons of battery-grade lithium hydroxide annually. To refine their technical expertise, partners from Critical Metals and Obeikan plan to inspect two lithium hydroxide plants in China, which is the global leader in battery production, later this year.
DRA Projects (Pty) Ltd, a global engineering and project delivery group, is set to update the financial model from the 2023 Definitive Feasibility Study (DFS) for the Wolfsberg mine and lithium concentrate converter. The updated DFS is expected to be completed in the first quarter of 2025.
In addition, Critical Metals Corp is advancing discussions for project financing for the Wolfsberg mine as the project nears a build decision. With drilling approval secured for Zone 2, Critical Metals Corp is actively engaged in talks with several potential off-take partners, as the resources in Zone 2 are not yet tied to the company's existing agreement with a global automaker.
