- Maricunga Project
- Maricunga (DFS)
Bearing’s primary asset is an 17.35% interest in the Maricunga lithium project in Chile. The Maricunga project is the most advanced, high-grade undeveloped lithium salar in the Americas. Over US$58 million has been invested in the project to date.
The Maricunga project represents the highest-grade, pre-production lithium brine project in the world and the only potential new project in Chile. Chile is host to some of the most prolific lithium brine deposits in the world, namely the Salar de Atacama which is the highest grade and lowest cost operation, and accounts for 40% of lithium production globally. The Maricunga is located in Region III of Atacama in northern Chile with excellent infrastructure. It is located along International Highway 31 which connects Chile and Argentina, approximately 170 kilometres northeast of the mining town of Copiapó, and has authorization access the underutilized national power grid as well has having secured ample water rights. The project is host to a NI 43-101 M&I resource of 2.1million tonnes of lithium carbonate equivalent (“LCE”) at a grade of 1,170 mg/L lithium (Li).
A 2019 Definitive Feasibility Study (DFS) outlined production of 20,000 tpa LCE at a cash cost of US$3,772/t LCE over a 23-year
mine life which generated an after-tax NPV8% of US$908 million, IRR of 21.0% and 4.2-year payback including a 2-year ramp-up.
The Maricunga project is one of only two brine projects held by publicly-traded companies at a DFS-stage in the world.
The finalization of the joint venture with CODELCO is anticipated within the year (2020) and discussions with key strategic partners
for offtake and construction financing are underway. The CODELCO joint venture would bring the final outstanding permit, the
CEOL, which allows for lithium production across the entire salar (including claims not currently owned by MSB or CODELCO).
An Environmental Impact Assessment (EIA) was approved by the Chilean Environmental Review Agency (SEA) in February 2020. A
key regulatory export license from the Chilean Nuclear Commission (CCHEN) was awarded in 2018 which allows for the extraction,
production and marketing of lithium products from the company’s grandfathered tenements.
Two of five-diamond core hole (S-25 and S-26) completed to the target depth of 400m ahead of schedule. Undisturbed core samples collected and sent for analysis in 200m to 400m intervals for laboratory measurement of ..Read more
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