Europe has long been an attractive investment destination for miners of lithium, a mineral which has seen its demand skyrocket in recent times. As its use in electric car batteries continues to increase, the demand for lithium looks set to remain high.
European Lithium Ltd is an Australian-based mineral resource company focused on developing its 2 flagship lithium projects in Europe – Wolfsberg Lithium Project in Austria and Sanux Lithium Project in Finland.
The Wolfsberg Lithium Project is located in the northern part of Austria and covers an area of 27km2. It consists of three exploration licenses, each with a prospecting link covering the key Carnallite bearings. The Carnallite is a potassium magnesium chloride salt of the halite group which European Lithium plans to extract and refine to produce lithium. The Wolfsburg project is thought to consist of world-class eventual resources for lithium of over 13 million tonnes of Carnallite.
The Sanux Lithium project in Finland shares similar characteristics to the Wolfsberg Lithium project. It has a 33km2 license area with a number of active prospecting links, each with significant Carnallite evidence. European Lithium estimates the Sanux project could eventually have over 11 million tonnes of Carnallite resources for lithium extraction.
European Lithium has been investing heavily in developing its projects, including €18.2M of private financing in 2019 for the Wolfsberg project. They have also signed several agreements with local Austrian authorities for power and infrastructure provision for production and have successfully completed a pre-feasibility study. This seeks to ensure both projects are commercially viable in a very competitive market and that they can successfully bring lithium concentrate to market.
The European Lithium projects are in an advanced stage of development with both the Wolfsberg and Sanux lithium projects estimated to come into production in 2023. As Europe pushes to become a leader in electric car production, demand for lithium is only set to rise, making it the ideal time for the European Lithium projects to come to fruition. Despite its two projects being at an early stage of development, European Lithium looks set to be a significant player in the European lithium industry.