Business
Encouraging Bolivian Brines Progress
Encouraging Bolivian Brines Progress.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n\n6th March 2024\n \n\n\n\nClontarf Energy plc\n(\"Clontarf\" or the \"Company\")\n \nEncouraging Bolivian Brines Progress\n \nClontarf Energy plc (AIM: CLON), the energy company focused on lithium brines, and petroleum projects, is pleased to update shareholders on substantial, recent progress, in its activities in Bolivia:\n \nThe Company reports that on 4 March 2024, it submitted its qualification materials to the Bolivian State Lithium Company (\"YLB\") in relation to the Call for Bids (\"convocatoria\") for the seven priority salares (salt pans) in Southern Bolivia. Assessment by YLB is expected during March, with negotiations on licence terms for those successful applicants anticipated from early April.\nThe Company further notes that, on 27 February 2024, the European Commission launched an important initiative in partnership with a high-level Bolivian delegation to Brussels. This followed the EU Critical Minerals Act 2023, which aims to boost and diversify supplies of critical raw materials, and support necessary Research and Development. Clontarf Energy participated with other private sector companies, banks and development agencies in these events in the country. The result was that the EU institutions agreed in principle to finance related infrastructure, through the Bolivian authorities, and accepted that Direct Lithium Extraction (DLE) is clean and environmentally friendly. As infrastructure spend can be two-thirds of the total capital cost of new mines in remote locations, this support is critical. Bolivian representatives also accepted in principle that such investment would qualify for contractual offtake rights, under applicable law. This meets the key EU objective to protect and develop its automotive and green technology sectors.\n \nFurther updates will be provided, as appropriate, in accordance with necessary clearances from the authorities.\n \n \nDavid Horgan, Chairman, commented: \"Recent progress vindicates Clontarf's confidence, as all parties focus on practical measures to expedite lithium production.\n \n\"Both Bolivia, and the EU Commission are thinking strategically:\n \n\"Bolivia is determined to boost output of battery-grade lithium, under law. Its high-grade brines carry economic grades of lithium and other salts offering cleaner sources than cu...