BUZZ-Lithium Americas hikes Thacker Pass reserve estimate, names CFO; shares gain
Updates
** Shares of Canada-based Lithium Americas LAC.TO rise 2.6% to C$5.01
** Company raises mineral resource and reserve estimates for the Thacker Pass lithium project in Humboldt County, Nevada
** LAC expects "proven and probable mineral reserve estimate of 14.3 mln tonnes lithium carbonate equivalent (LCE)", an increase of 286% compared to estimate calculated in the feasibility study conducted in November, 2022
** Company expects a measured and indicated mineral resource estimate of 44.5 million tonnes LCE, an increase of 177% since the feasibility study
** LAC estimates operating costs for the first 25 years to be about $500 per tonne lower than the figures provided in the November 2022 feasibility study
** Mine's first phase is targeted for completion in late 2027
** "The resource is undoubtedly large, but expansion will likely be contingent on commercial agreements and market conditions" - TD Cowen
** Company also announces appointment of Luke Colton as Chief Financial Officer, effective Jan. 29
** Stock was down 40.3% in 2024
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com))
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