MacCap in partner search for one of world’s biggest lithium projects
The dealmaking interest in ASX-listed lithium miners has spilled over to their unlisted counterparts.
Phoenix Lithium is owned by Nicholas Wakim, who’s seeking a like-minded strategic partner to fulfil his project ambitions.
Street Talk can reveal privately-held Phoenix Lithium, which owns one of the world’s largest lithium resources out of Southern California, has mandated Macquarie Capital to find a strategic partner.
Phoenix’s East Brawley project is the world’s fifth-biggest lithium resource, dwarfing well-known Australian names and on par with projects from Chilean big-wigs like Albemarle and SQM, potential backers were told. It is also a top-ranking geothermal brine resource globally.
That is thanks to East Brawley’s 12.4 million tonnes total mineral resource of lithium carbonate equivalent (or an 8.3 million indicated mineral resource). Average grade sits at 437 milligrams of the commodity per litre.
Phoenix’s owner, Melbourne-based Nicolas Wakim, is understood to be laying the groundwork for a large-scale plant that would extract and recover 64,000 tonnes of battery grade lithium carbonate per annum.
The deal’s drawcard is the at-scale deposit’s location. At a time when the Chilean government’s mooted privitisation of its lithium mines has spooked investors, East Brawley’s backers would be tipping into a project located in South California’s Imperial Valley, about two hours’ drive east of San Diego. It’s also close to major North American battery and electric vehicle manufacturers.
Phoenix has secured more than 8000 hectares of surface and mineral rights leases to support long-term growth. Throw in plans to build processing, a Tier 1 government, and tailwinds from adaption of electric vehicles – and it’s easy
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