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Be the first with the news that moves the market- Neo Lithium (TSXV:NLC) has recommenced operations the Tres Quebradas Lithium Project in Argentina
- Previously, the company was forced to place the lithium project on care and maintenance, after government brought in COVID-19 lockdown measures
- Despite the government extending the lockdown until May 10, Neo Lithium has been able to recommence operations after negotiating with federal and local governments
- The company hopes to continue producing 3-4 per cent lithium brine from the site and is negotiating further funding to move the site closer to full development
- Neo Lithium (NLC) is down 1.82 per cent, with shares trading for C$0.54 and a market cap of $63.45 million
Neo Lithium (TSXV:NLC) has recommenced operations the Tres Quebradas Lithium Project in Argentina after a turbulent few weeks for the company.
In early March, The Argentinian Government brought in strict quarantine measures to stem the spread of COVID-19. Consequently, the company was forced to place the lithium project on care and maintenance.
However, despite the government extending the lockdown until May 10, Neo Lithium has been able to recommence operations after negotiating with federal and local governments.
As a result, the company hopes to continue producing 3-4 per cent lithium brine from the site and move the site closer to full development.
While travel restrictions still inhibit employees from other provinces from moving freely, the company is now utilising its local staff to progress the project.
To date, the Catamarca Province, where the project is located, has had no confirmed cases of COVID-19.
Waldo Perez, President and CEO of Neo Lithium, is pleased with the company’s efforts during such an unprecedented disruption to the industry at-large.
“We have made significant progress at the project and fortunately we did not lose ground due to the global pandemic from an operational perspective.
We also remain very active in our strategic discussions concerning the funding and ultimately, path to potential construction and future production at the project,” he said.
Waldo noted the company’s C$31.2 million in cash assets, as evidence of its resilient position moving forward. The company is now seeking further funding to progress the Tres Quebradas Lithium Project and is currently in negotiations.
Neo Lithium (NLC) is down 1.82 per cent, with shares trading for $0.54 at 11:54am EDT.
