Another major move in the global lithium space has been unearthed, with US chemicals giant Albemarle buying a 10% stake in Patriot Battery Metals.
The news came a day after Patriot announced a resource update of its Corvette prospect in Quebec’s James Bay, Canada.
The company called it the ‘largest lithium pegmatite resource in the Americas.
The lithium miner, listed on the ASX: PMT and TSX: PMET, said it had secured C$109 million (A$123 million) funding from NYSE-listed Albemarle Corporation.
“We look forward to collaborating with Patriot to better understand the Corvette property and the opportunities this project represents for the North American battery materials supply chain,” Albemarle Lithium Resources Vice President Alexander Thompson said.
Canada’s James Bay is shaping up as a strategic battery metals location for supplying to the booming America EV market.
Patriots are advancing their massive Corvette lithium project in James Bay.
The funding from Albemarle will help the company unlock the potential of the resource and eventual mine operations.
Speculation had been mounting that other players, perhaps Mineral Resources (ASX: MIN), Pilbara Minerals (ASX: PLS) and Wesfarmers (ASX: WES) also wanted to buy into the company.
Resource estimate indicates the deposit holds 109.2 million inferred tonnes at 1.42% lithium oxide and 160 parts per million tantalum, for 1.6 million tonnes of contained lithium oxide, or 3.8 million tonnes of lithium carbonate equivalent, using a 0.4% lithium cut-off grade.
Meanwhile, speculation is mounting that Exxon Mobile could be looking to take a strategic partnership with Albemarle.
Reporting suggested Exxon was looking to extract lithium from a tenement in the US deep south, with several US car manufacturers interested in the project.
