American Lithium raises Peru project's investment by 22% to $847 million
AREQUIPA, Sept 25 (Reuters) - American Lithium LI.V has raised its planned investment for the Falchani lithium project in Peru by 22% to $847 million, an executive said on Thursday, as it relaunches the project following a favorable court ruling that ended a legal dispute over its concessions.
Ulises Solis, general manager of the company's local unit, Macusani Yellowcake, told Reuters that the updated cost includes the construction of a refinery at the project site in the Andean region of Puno.
Solis stated that the company is now targeting a 2027 start for construction, with production of battery-grade lithium carbonate expected to begin after 2028.
The relaunch follows a late-August ruling where Peru's top court confirmed Macusani Yellowcake's ownership of 32 concessions, resolving a legal challenge initiated by Peruvian mining authorities in 2018.
"Investors were afraid of the outcome of the lawsuit," Solis said at a mining forum.
With the legal uncertainty resolved, Solis noted the company is now in talks with potential Peruvian and foreign investors, including some from Germany.
He added that Peru's mining minister will meet with company shareholders on October 7 to help advance the development of Falchani, the only lithium project in the country.
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