Imerys (FRA: IY4), a French mining group, and British Lithium are teaming up to accelerate the development of the UK’s largest lithium deposit in Cornwall. The joint venture aims to produce 20,000t of lithium carbonate equivalent annually by 2030, which is enough to power an estimated 500,000 electric vehicles (EVs).
British Lithium has been operating on Imerys-owned land in Cornwall since 2017. After years of intense work and technological innovation, the company has developed a unique process and pilot plant to produce battery-grade lithium carbonate.
The UK government has also been supporting the company’s efforts to make the UK a global leader in EV battery production. British Lithium has received financial backing from Innovate UK, the UK’s national innovation agency, and the Automotive Transformation Fund, which aims to support the EV supply chains in the UK.
Following drilling and resource definition the company has projected inferred mineral resources of 161Mt at a grade of 0.54% lithium oxide. This discovery gives the company confidence to pursue a life of mine target of more than 30 years at a production rate of 20,000t of lithium carbonate equivalent per year.
The company’s efforts to secure a domestic source of lithium are a crucial step towards a sustainable and self-sufficient EV industry in the UK. Not only will this help reduce the carbon footprint of the country’s transportation sector, but it will also create numerous job opportunities and contribute to the growth of the UK economy.
Cornwall, which already has a rich mining history, may become the site of the first commercial lithium mine in the UK. As the world transitions towards greener and more sustainable technologies, the UK hopes to stand tall among the leading producers of EV batteries.
The joint venture plans to begin production by 2028. The project’s success would increase Europe’s chances of successful development, reducing the current reliance on imports from suppliers such as Chile and Australia. “There is still a long way to go until the UK realises domestic lithium production and remains to be seen if these deposits can be commercially viable,” saidJordan Roberts, Battery Raw Materials analyst at Fastmarkets NewGen.
“But the partnership with Imerys is a positive step forward and increases the likelihood of successful development through shared technical knowledge and access to existing infrastructure and additional finance.”
Overall, the project is expected to cost around £575M and would help the UK and Europe reduce reliance on lithium imports. Imerys will hold an 80% stake in the venture, while British Lithium will hold the remaining 20%.
