Approval of Hydro-Québec’s Connection and Powerline Relocation Project to Power the Rose Lithium-Tantalum Project
Critical Elements Lithium Corporation has received approval from the Québec Minister of the Environment for Hydro-Québec's connection and powerline relocation project, advancing the Rose Lithium-Tantalum Project. This decision, following prior approvals, enables Hydro-Québec to relocate a segment of the Eastmain-1-Nemiscau line to connect the mine to the powerline. The project aims to harness Québec's clean electricity resources, with 94% derived from hydropower. With a projected after-tax net present value of US$1.9 billion and an internal rate of return of 82.4%, Critical Elements is closer to making a final investment decision.
- Approval received for Hydro-Québec's connection and powerline relocation project.
- Project aims to utilize Québec's clean electricity grid, enhancing sustainability.
- Projected after-tax net present value of US$1.9 billion at an 8% discount rate.
- Internal rate of return estimated at 82.4% for the Rose Lithium-Tantalum Project.
- None.
MONTRÉAL, QC / ACCESSWIRE / February 28, 2023 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce that, on January 9, 2023, following the positive recommendation by the Environmental and Social Impact Review Committee (the "COMEX"), the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks (the "Minister") has authorized Hydro-Québec's connection and powerline relocation project, subject to certain conditions.
This is another significant step forward for the Rose Lithium-Tantalum Project ("Rose" or the "Project"). For the Project to go forward, Hydro-Québec will have to relocate a segment of the Eastmain-1-Nemiscau line (which currently crosses the future mine site on a distance of 4.1 km), construct a 315/25-kV transformer substation, and connect the mine to the Eastmain-1-Nemiscau powerline. Hydro-Québec derives over
With the favourable decision of the Federal Minister of Environment and Climate Change rendered in August 2021, the approval by the Québec Minister of Natural Resources and Forests of the rehabilitation and restoration plan concerning the Project in May 2022, the receipt of the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Minister in November 2022, and the Minister authorizing Hydro-Québec's connection and powerline relocation project in January 2023, the Corporation is getting a step closer making a final investment decision for the Project.
"With the Minister of the Environment, the Fight against Climate Change, Wildlife and Parks authorizing Hydro-Québec's connection and powerline relocation project, we are excited about the prospect of moving forward with the Rose Lithium-Tantalum Project in the James Bay Eeyou Istchee region," stated Jean-Sébastien Lavallée, CEO of Critical Elements.
About Critical Elements Lithium Corporation
Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 square kilometers. On June 13th, 2022, the Corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at
For further information, please contact:
Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
plaperriere@cecorp.ca
www.cecorp.ca
Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
jslavallee@cecorp.ca
www.cecorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement concerning forward-looking statements
This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, the permitting process of the Rose Lithium-Tantalum Project,as well as the outcome of such process and positive effects for the the Rose Lithium-Tantalum Project. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Although Critical Elements 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. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: the final outcome of the permitting process, the Corporation's ability to meet all conditions imposed thereunder and its effects on the development of the Rose Project, , as well as those risk factors set out in the Corporation's Management Discussion and Analysis for its most recent quarter ended November 30, 2022 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE: Critical Elements Lithium Corporation
View source version on accesswire.com:
https://www.accesswire.com/741182/Approval-of-Hydro-Qubecs-Connection-and-Powerline-Relocation-Project-to-Power-the-Rose-Lithium-Tantalum-Project
FAQ
What recent approval did Critical Elements Lithium Corporation receive?
What is the significance of the Hydro-Québec project for Critical Elements?
What is the projected after-tax net present value of the Rose Lithium-Tantalum Project?