Construction at Lithium America’s (TSX: LAC) Cauchari-Olaroz project in Argentina is said to be substantially complete, with production slated to begin in the first half of 2023.
Cauchari-Olaroz is slated to ramp production through the second half of the year, before hitting a run rate of 40,000 tpa of lithium carbonate production by the first quarter of 2024. The solvent exchange and purification plants meanwhile are said to be undergoing commissioning currently, which is slated to be complete in the second half of the year.
The update was provided this morning in conjunction with the release of the firms fourth quarter financial results. The firm also revealed that the remaining capital costs required to get the project into production are estimated to be less than $50 million, with total capital costs for the project now pegged at $979 million.
The development of the second phase of expansion meanwhile is slated to align with the completion of the first phase of production.
Elsewhere, Lithium Americas had little update for its Thacker Pass project, with the firm reiterating that construction activities have begun on site, with major earthworks to begin in the second half of the year, in line with a scheduled project completion for the second half of 2026.
In terms of financials, the company reported expenses of $163.4 million for the year ended December 31, 2022, while the net loss amounted to $93.6 million, given the current stage of development of the firms projects. Total cash as of December 31 is said to be $352.1 million, while an additional $75 million is available as a result of credit facilities.
As of yesterday, that cash position had ballooned to $600 million, following the receipt of $320 million from General Motors under the first tranche of a $650 million investment.
Lithium Americas last traded at $29.02 on the TSX.
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