Arcadium shareholders approve $6.7bn sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Nechalacho camp at night: Avalon is up 57% in a month as its $1.5bn rare earth project in northern Canada remains on track
Avalon said Thursday it has developed an optimized process to improve heavy rare earth recoveries to over 90% along with improved zirconium, tantalum and niobium recoveries at Nechalacho as it seeks to cut costs at the project.
The potential $1.6 billion project which the Toronto-based explorer has already spent $90 million developing is described as the largest deposit outside China of scarce heavy rare earths used in a variety of high-tech industries
By midday Avalon was trading at $0.82 on the Toronto big board affording the stock a $85 million market value.
Avalon’s run-up this week kicked off on Tuesday when Nechalacho received local NWT environmental approval the mine and plant to be built at Thor Lake, some 100 kilometres southeast of Yellowknife.
Avalon hopes to put Nechalacho – which would be Canada’s first rare earth mine – into commercial production in 2017 and is working to secure funding and off-take agreements before construction can start.
Image courtesy of the company
4 Comments
MTD
An amazing company – currently significantly undervalued in the market.
Talko
I’ve been waiting 8 years already and still nothing until 2017, if then.
crawdad1234
Me too!! It was 2014, then 15 and now they assert 2017 for first production!!!!
Veritas Bob
Frik, nice story but my mail is Avalon are having issues with the metallurgy – are you able to update us on how Avalon is progressing with their metallurgical studies