Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
Vancouver-based QMC Quantum Minerals (TSXV: QMC) announced that it has partnered with a public company in China with the idea of targeting the battery metals market.
QMC shipped mineralized samples from its Irgon lithium mine in Manitoba, central Canada, to China-based Guangxi Non-Ferrous Limu Mining to have them test and produce a 6% battery-grade lithium oxide concentrate, under a non-disclosure agreement.
With a market value of $1 billion, Guangxi is 51% state-owned by the Guangxi Provincial Government with the balance of ownership being private equity
The shipped spodumene was extracted from the Irgon, Irgon West, Mapetre and Central Dikes. The shipment consists of pulps and previously analyzed samples.
“As part of the negotiated agreement between QMC and Guangxi, on completion of the testing process, Guangxi will provide the company with a report which will include test results and a flow-sheet for the production of concentrate,” QMC management said in a media statement.
QMC’s flagship project, the Irgon lithium mine, is located in Manitoba, 20 kilometres from the Tanco mine, North America’s most successful lithium mine to date.
The project has a shaft already drilled and a historic non-NI 43-103-compliant resource estimate of 1.2 million tonnes grading 1.51% Li20 over a strike length of 365 metres and to a depth of 213 metres.
