American Lithium increases Falchani project investment to $847m-report

Core Insights - American Lithium has increased its investment in the Falchani lithium project in Peru by 22%, totaling $847 million following a favorable ruling from the Peruvian Supreme Court regarding mining concessions [1][2] Investment and Legal Developments - The additional funds will support the construction of a refinery at the project site, with construction expected to begin in 2027 and battery-grade lithium carbonate production anticipated post-2028 [2] - The Peruvian Supreme Court unanimously rejected claims from INGEMMET and MINEM regarding ownership of 32 mining concessions, allowing for further project development [1][2] Project Details - The Falchani site is the sixth-largest hard rock lithium deposit globally, located on the Macusani Plateau in Puno, Peru [3] - A preliminary economic assessment (PEA) from March 2020 estimated an annual output of 63,000 tonnes of lithium concentrate over a 33-year period [3] - The project's base case capital cost is projected at $1.97 billion over the mine's lifespan [4] Strategic Expansion - In 2023, American Lithium received approval from the Peruvian government to explore additional lithium reserves near its current operations, enhancing its strategic expansion in the region [4] - The company is engaging with potential investors from Peru and abroad, including Germany, to advance the project [2]