Hyperdrive
Lake Resources’ New Lithium Project Hit by Six-Year Delay
- Capex at Argentina facility now expected to more than double
- Full production at planned project won’t be reached until 2030
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A large-scale lithium project in Argentina planned by Lake Resources NL will be delayed by six years and cost around twice as much as originally anticipated. Its shares slumped after the announcement.
Lake Resources, which uses a new technology to extract lithium directly from brine, had originally planned to produce 50,000 tons of lithium a year by 2024 but now doesn’t expect to reach that target until 2030. It faces a key challenge in building the processing plant, which will account for more than 50% of capital expenditure, Chief Executive Officer David Dickson said in an interview.