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- Over the March quarter, Lepidico (LPD) has made further progress with its phase one integrated project plants in Namibia and the United Arab Emirates, despite COVID-19 restrictions
- The third quarter saw Lepidico receive environmental approval for the chemical plant site in Abu Dhabi
- More recently, the company appointed Lycopodium Minerals (LYL) for the construction of both plants
- Notably, the project remains on track for mining start-up in the September 2022 quarter and chemical plant commissioning in the first half of 2023
- On the market today, Lepidico is down 5 per cent and is trading at 1.9 cents per share
Over the March quarter, Lepidico (LPD) has made further progress with its phase one integrated project plants in Namibia and the United Arab Emirates.
The third quarter saw Lepidico receive environmental approval for the chemical plant site in Abu Dhabi.
More recently, the company appointed Lycopodium Minerals (LYL) for the construction of both plants.
Under the agreement, Lycopodium will be responsible for the engineering design, procurement of equipment and materials, construction management and pre-operational testing for the concentrator in Namibia and the chemical plant in the United Arab Emirates.
Early services and front-end engineering work are expected to begin in mid-May, following the finalisation of certain documents.
Notably, the project remains on track for mining to start in September 2022 quarter and for chemical plant commissioning in the first half of 2023.
Lepidico ended March 2021 with $4.4 million and no debt.
“It is also noteworthy that lithium chemical prices have risen strongly since the beginning of the year on the prospect that the market will transition into
deficits possibly as early as the latter part of 2021,” Lepidico said.
“Many commentators are forecasting continued strengthening in prices on the back of new supply struggling to meet demand growth from the electric
vehicle (EV) sector,” the company told the market today.
On the market today, Lepidico is down 5 per cent and is trading at 1.9 cents per share at 10:08 am AEST.
