Atlas Lithium Finds Funding

Atlas Lithium Corp. has secured $50 million from Chinese customers Yahua and Chengxin, which will cover its total capital expenditures for its Phase 1 development. Under an accelerated development timeline, the company could be producing spodumene concentrate at its Neves lithium project in Brazilís Lithium Valley by Q4 2024.

Extensive metallurgical test work has validated the quality of Atlas Lithiumís spodumene, which prompted the companyís technical team to expedite the production timeline for its 100%-owned Neves Project. The original target of 300,000 mt/year (mt/y) of spodumene concentrate output remains on track for 2025 as Phase 2. However, the company now targets to commence the initial production of up to 150,000 mt/y of spodumene concentrate by Q4 2024.

This accelerated production timeline will be enabled by deploying modular dense media separation (DMS) technology and contracting initial crushing and open-pit mining operations. The first two DMS modules for Phase 1 are currently under construction with an estimated delivery date to Brazil by April 2024.

Mine development has also progressed significantly, with well-defined ore bodies that have enabled the company to develop a comprehensive mining schedule. The geological modelling team has completed a detailed block model of the initial pit area, which has facilitated the design of an optimal open-pit outline by outside consultants. The initial mining plan is focused on the Anitta 2 and 3 pegmatites.

Atlas said it is focused on sustainably producing premium spodumene concentrate, including plans to maximize water recycling, employ 100% dry-stacked tailings without dams, avoid hazardous chemicals in flotation during the lithium concentration process, and planning to use renewable energy sources for power. Additionally, the company continues building public and private partnerships to spur development in the Jequitinhonha Valley region and takes pride in serving as a sustainable job creator benefiting local communities.

As featured in Womp 2024 Vol 01 -