STOCK TITAN

Avalon Unveils Third-Party Economic and Labour Study for Its Thunder Bay, Ontario Lithium Processing Facility

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) has released the results of a third-party economic and labour study for its proposed lithium processing facility in Thunder Bay, Ontario. The study, conducted by RIAS Inc., highlights the significant economic and labour impacts of the Lake Superior Lithium Project from local to national levels.

Key highlights include:

  • Construction phase (2027): GDP impact of $754 to $878 million nationally
  • Operational phase (2028-2058): GDP impact of $31.0 billion nationally
  • Total employment impact: 78,903 to 82,464 person-years nationally
  • 128 permanent full-time jobs during operations

The project aligns with the Sustainable Jobs Act and aims to create a skilled workforce for the emerging lithium processing sector. Thunder Bay's mayor, Ken Boshcoff, emphasized the project's role in revitalizing Canada's economy and boosting the region's presence in electric vehicle and battery storage technologies.

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ha pubblicato i risultati di uno studio economico e lavorativo di terze parti per il suo impianto di lavorazione del litio proposto a Thunder Bay, Ontario. Lo studio, condotto da RIAS Inc., evidenzia i significativi impatti economici e occupazionali del Lake Superior Lithium Project a livello locale e nazionale.

Le principali evidenze includono:

  • Fase di costruzione (2027): impatto sul PIL di $754 a $878 milioni a livello nazionale
  • Fase operativa (2028-2058): impatto sul PIL di $31,0 miliardi a livello nazionale
  • Impatto totale sull'occupazione: 78.903 a 82.464 anni-persona a livello nazionale
  • 128 posti di lavoro permanenti a tempo pieno durante le operazioni

Il progetto è in linea con il Sustainable Jobs Act e mira a creare una forza lavoro qualificata per il settore emergente della lavorazione del litio. Il sindaco di Thunder Bay, Ken Boshcoff, ha sottolineato il ruolo del progetto nel rivitalizzare l'economia canadese e nel potenziare la presenza della regione nelle tecnologie dei veicoli elettrici e dello stoccaggio delle batterie.

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ha publicado los resultados de un estudio económico y laboral de terceros para su propuesta de planta de procesamiento de litio en Thunder Bay, Ontario. El estudio, realizado por RIAS Inc., destaca los significativos impactos económicos y laborales del Lake Superior Lithium Project a niveles local y nacional.

Los puntos clave incluyen:

  • Fase de construcción (2027): impacto en el PIB de $754 a $878 millones a nivel nacional
  • Fase operativa (2028-2058): impacto en el PIB de $31.0 mil millones a nivel nacional
  • Impacto total del empleo: de 78,903 a 82,464 años-persona a nivel nacional
  • 128 empleos permanentes a tiempo completo durante las operaciones

El proyecto está alineado con el Sustainable Jobs Act y tiene como objetivo crear una fuerza laboral capacitada para el sector emergente de procesamiento de litio. El alcalde de Thunder Bay, Ken Boshcoff, enfatizó el papel del proyecto en la revitalización de la economía canadiense y en el aumento de la presencia de la región en tecnologías de vehículos eléctricos y almacenamiento de baterías.

Avalon Advanced Materials Inc.(TSX: AVL)(OTCQB: AVLNF)는 온타리오주 썬더 베이에 제안된 리튬 가공 시설에 대한 제3자 경제 및 노동 연구 결과를 발표했습니다. RIAS Inc.가 수행한 이 연구는 레이크 수페리어 리튬 프로젝트의 지역 및 국가 수준에서의 중요한 경제적 및 노동적 영향을 강조합니다.

주요 내용은 다음과 같습니다:

  • 건설 단계(2027): 국가적으로 7억 5400만~8억 7800만 달러의 GDP 영향
  • 운영 단계(2028-2058): 국가적으로 310억 달러의 GDP 영향
  • 총 고용 영향: 국가적으로 78,903~82,464 인년
  • 운영 중 128개의 영구 정규직 일자리

이 프로젝트는 지속 가능한 일자리법(Sustainable Jobs Act)과 일치하며 발생하는 리튬 가공 분야에 숙련된 인력을 창출하는 것을 목표로 합니다. 썬더 베이의 시장인 켄 보쉬코프(Ken Boshcoff)는 이 프로젝트가 캐나다 경제 회복에 기여하고 전기차 및 배터리 저장 기술에서 지역의 존재감을 높이는 역할을 한다고 강조했습니다.

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) a publié les résultats d'une étude économique et de l'emploi réalisée par un tiers pour son projet de facility de traitement du lithium proposée à Thunder Bay, Ontario. L'étude, menée par RIAS Inc., met en évidence les impacts économiques et sociaux significatifs du Lake Superior Lithium Project à des niveaux local et national.

Les points clés incluent :

  • Phase de construction (2027) : impact du PIB de 754 à 878 millions de dollars au niveau national
  • Phase opérationnelle (2028-2058) : impact du PIB de 31,0 milliards de dollars au niveau national
  • Impact total sur l'emploi : de 78 903 à 82 464 années-personnes au niveau national
  • 128 emplois permanents à temps plein pendant les opérations

Le projet s'inscrit dans le cadre de la Sustainable Jobs Act et vise à créer une main-d'œuvre qualifiée pour le secteur émergent du traitement du lithium. Le maire de Thunder Bay, Ken Boshcoff, a souligné le rôle du projet dans la revitalisation de l'économie canadienne et la promotion de la présence de la région dans les technologies de véhicules électriques et de stockage de batteries.

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) hat die Ergebnisse einer wirtschaftlichen und arbeitsmarktspezifischen Studie eines Dritten für seine vorgeschlagene Lithiumverarbeitungsanlage in Thunder Bay, Ontario, veröffentlicht. Die Studie, die von RIAS Inc. durchgeführt wurde, hebt die erheblichen wirtschaftlichen und arbeitsmarktlichen Auswirkungen des Lake Superior Lithium Project auf lokaler und nationaler Ebene hervor.

Wichtige Highlights sind:

  • Bauphase (2027): GDP-Auswirkungen von 754 bis 878 Millionen Dollar auf nationaler Ebene
  • Betriebsphase (2028-2058): GDP-Auswirkungen von 31,0 Milliarden Dollar auf nationaler Ebene
  • Gesamter Beschäftigungseffekt: 78.903 bis 82.464 Personenjahre auf nationaler Ebene
  • 128 permanente Vollzeitstellen während des Betriebs

Das Projekt steht im Einklang mit dem Sustainable Jobs Act und zielt darauf ab, eine qualifizierte Arbeitskräfte für den aufstrebenden Lithiumverarbeitungssektor zu schaffen. Der Bürgermeister von Thunder Bay, Ken Boshcoff, betonte die Rolle des Projekts bei der Revitalisierung der kanadischen Wirtschaft und der Stärkung der regionalen Präsenz in der Technologie von Elektrofahrzeugen und Batteriespeicherung.

Positive
  • Significant economic impact: $31.6 to $32.0 billion in national GDP over the project lifespan
  • Substantial job creation: 78,903 to 82,464 person-years of employment nationally
  • Long-term economic benefits: 30-year operational phase from 2028 to 2058
  • Creation of 128 permanent full-time jobs during operations
  • Alignment with Sustainable Jobs Act and development of skilled workforce
Negative
  • None.

Toronto, Ontario--(Newsfile Corp. - October 9, 2024) - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company"), today shared the results of a third-party study conducted by RIAS Inc. (RIAS), an Ottawa-based consulting firm. This report, based on the recent Preliminary Economic Assessment (PEA) and customized input-output multipliers from Statistics Canada, details the significant economic and labour impacts from Avalon's proposed lithium processing facility in Thunder Bay, Ontario ("The Lake Superior Lithium Project" or the "Project").

The full report is available on the Company's website.

Scott Monteith, CEO of Avalon, stated: "the report illustrates the substantial benefits to the City of Thunder Bay and aligns well with the Sustainable Jobs Act, helping create the net-zero workforce of the future. The positive impacts will ripple through the community, supporting local businesses and enhancing the region's overall economic vitality. This initiative promises long-term prosperity, enriching the city and creating lasting value for its residents."

Local to National Benefits over the Project Lifespan (2027- 2058)

The Project will have a significant economic multiplier effect across the Thunder Bay community, to the Northwestern Ontario region, to the province, and to the country through GDP, labour income, and employment. The study assessed the economic impacts of the two principal phases of the Project: construction, beginning in 2027, and operations, starting in 2028.

The report also underscores the Project's transformative role in developing human capital, furthering the aims of the Sustainable Jobs Act, creating a stronger synergy between economic growth and workforce development. With 128 workers projected to be permanently employed full-time during operations (100 in non-administrative roles and 28 in administrative positions), the Project will offer opportunities in trades such as millwrights, mechanics, electricians, metallurgical engineers, and process operators.

Ken Boshcoff, Mayor of Thunder Bay remarked: "Avalon's Project is poised to play a crucial role in revitalizing Canada's economy, particularly in Northwestern Ontario. It aligns perfectly with Premier Ford's strategy to unite northern resources with southern industrial strength, boosting the region's presence in technologies like electric vehicles and battery storage. With the numerous advantages of Avalon's site, its very encouraging to see how the Project will create jobs and ensure long-term prosperity."

KEY HIGHLIGHTS:


Metrics

LocalRegionalProvincialNational
Construction Phase
GDP (million)

$698 to $718$721 to $765$733 to $836$754 to $878
Labour Income
 (million)
$125 to $137$139 to $165$152 to $212$164 to $234
Person-Years of Employment (1)945 to 1,1331,153 to 1,5531,312 to 2,2321,490 to 2,589
Operational Phase
GDP (billion)

$21.3 to $21.4$25.4$26.2 to $26.5$31.0
Labour Income
(billion)
$0.851 to $0.915$2.9$3.4$5.4 to $5.6
Person-Years of Employment (1)9,866 to 10,91142,724 to 43,42649,767 to 52,17677,412 to 79,874
Total Impacts (2027-2058)
GDP (billion)

$22.0$26.0$27.0 to $27.4$31.6 to $32.0
Labour Income
(billion)
$0.975 to $1.0$3.0$3.6 to $3.7$5.6 to $5.8
Person-Years of Employment (1)10,811 to 12,04443,877 to 44,97951,078 to 54,40878,903 to 82,464

 

(1): Person-Years of Employment refers to the amount of work provided by one person employed full-time for one year, used to measure total labor input over time for a project or activity.

This study builds upon preliminary analysis conducted by the Northern Policy Institute (NPI), a report commissioned by the Thunder Bay Community Economic Development Commission (CEDC), which assessed Thunder Bay's operational readiness for a lithium processing facility.

The NPI report provided an initial assessment of the region's capacity to support a lithium processing facility. This new report delves deeper into defining and outlining the needs and benefits of a skilled workforce. The CEDC is committed to helping develop the workforce capable of meeting the demands of this emerging lithium processing sector.

Doug Blair, President of Rias Inc. noted: "Avalon's Lithium Project is meticulously planned, with a strategic focus on long-term economic growth, community impact, and sustainability. Through firsthand experience and comprehensive impact assessments, we've seen how projects like this one can transform communities, boost local economies, and create lasting employment opportunities. Avalon is well-positioned to deliver these real-world benefits."

About Avalon Advanced Materials Inc.

Avalon Advanced Materials Inc. is a Canadian advanced manufacturing company focused on vertically integrating the Ontario lithium supply chain. The Company, through its joint venture with SCR-Sibelco NV, is currently developing its Separation Rapids lithium deposit near Kenora, ON, while also continuing to advance the Snowbank lithium and Lilypad lithium-caesium projects. Avalon is also working to develop its Nechalacho rare earths and zirconium project located in the Northwest Territories. This deposit contains critical minerals for use in advanced technologies in the communications and defense industries among other sectors.

In addition to these upstream activities, Avalon is executing on a key initiative to develop Ontario's first midstream lithium hydroxide processing facility in Thunder Bay, ON, a vital link bridging the lithium resources of the north with the downstream EV battery manufacturing base in the south.

About RIAS Inc.

RIAS Inc. is a boutique economics consulting firm based in Ottawa, Ontario, providing economic research, analysis and strategic advice to both industry and government clients. RIAS Inc. specializes in helping our private sector clients demonstrate the value and benefits of their activities, and we have conducted numerous socio-economic impact assessments for a broad range of industry sectors and companies in Canada and the United States.

For questions, please email the Company at IR@AvalonAM.com. or contact Ms. Rachel Naji, Investor Relations Associate at 416-364-4938.

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes but is not limited to statements related to the results of the study, including expected benefits, and the timing of Project construction and operations. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "add" or "additional", "advancing", "anticipates" or "does not anticipate", "appears", "believes", "can be", "conceptual", "confidence", "continue", "convert" or "conversion", "deliver", "demonstrating", "estimates", "encouraging", "expand" or "expanding" or "expansion", "expect" or "expectations", "forecasts", "forward", "goal", "improves", "increase", "intends", "justification", "plans", "potential" or "potentially", "promise", "prospective", "prioritize", "reflects", "robust", "scheduled", "suggesting", "support", "top-tier", "updating", "upside", "will be" or "will consider", "work towards", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved".

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with project development such as: environmental hazards and economic factors as they affect the cost and success of the Company's capital expenditures, the ability of the Company to obtain required permits and approvals, the ability of the Company to obtain financing, , the ability to source feedstock for the Company's proposed lithium processing facility at reasonable prices or at all, the price of lithium hydroxide, no operating history, no operating revenue and negative cash flow, land title risk, the market price of the Company's securities, the Company's commercial viability, inflation and uncertain global economic conditions, uncertain geo-political shifts and risks, successful collaboration with indigenous communities, future pandemics and other health crises, dependence on management and other highly skilled personnel, , extensive government and environmental regulation, reliance on artificial intelligence technology to influence mining operations, volatility in the financial markets, uninsured risks, climate change, threat of legal proceedings, as well as those risk factors discussed or referred to in the annual information form of the Company dated November 28, 2023 (the "AIF") under the heading "Description of the Business - Risk Factors". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions identified in the AIF, assumptions have been made regarding, among other things: management of certain of the Company's assets by other companies or joint venture partners, the Company's ability to carry on its project activities without undue delays or unbudgeted costs, the ability of the Company to obtain sufficient qualified personnel, equipment and services in a timely and cost-effective manner, the ability of the Company to operate in a safe, efficient and effective manner, the ability of the Company to obtain all necessary financing on acceptable terms and when needed, the accuracy of the Company's operational and price assumptions on which these are based and the continuance of the regulatory framework regarding environmental manners. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226123

FAQ

What is the expected GDP impact of Avalon's Thunder Bay lithium processing facility?

The Lake Superior Lithium Project is expected to generate a total GDP impact of $31.6 to $32.0 billion nationally over its lifespan from 2027 to 2058, including both construction and operational phases.

How many jobs will Avalon's AVLNF lithium project create in Thunder Bay?

The project is expected to create 128 permanent full-time jobs during operations, with a total employment impact of 78,903 to 82,464 person-years nationally over the project's lifespan.

When is the construction of Avalon's Thunder Bay lithium facility expected to begin?

According to the press release, the construction phase of the Lake Superior Lithium Project is set to begin in 2027.

What is the operational timeline for Avalon's AVLNF lithium processing facility in Thunder Bay?

The operational phase of Avalon's lithium processing facility in Thunder Bay is scheduled to start in 2028 and continue through 2058, spanning a 30-year period.

AVALON ADVANCED MATERIALS

OTC:AVLNF

AVLNF Rankings

AVLNF Latest News

AVLNF Stock Data

20.63M
452.10M
21.11%
0.01%
0.41%
Other Industrial Metals & Mining
Basic Materials
Link
United States of America
Toronto