Recently, American Lithium Corporation (American Lithium), a Vancouver, Canada-based miner, announced that its Peruvian subsidiary, Macusani Yellowcake, has been successful in obtaining confirmation from the Supreme Court of Peru that 32 disputed concessions and that its subsidiary –Macusani Yellowcake is the legal owner of the relevant assets. The ruling paves the way for the miner’s first lithium development and production in Peru planned for 2027.
Previously, Peru’s Supreme Court had confirmed Macusani Yellowcake’s rights to 32 of 172 concessions. These concessions are critical to the Company’s lithium development in Peru. The outcome of this ruling clarifies the legal status of the Company’s lithium mine in Peru and paves the way for the Company’s future development plans.
The Falchani lithium project asset is located in Puno, southeastern Peru, and is the world’s sixth largest hard rock lithium deposit. The project has excellent infrastructure and is easily accessible. The Falchani Lithium Project, which is being advanced by the Peruvian subsidiary of Canada’s American Lithium Corporation, recently updated its resource estimate to show that the project contains 5.53 million tons of lithium carbonate equivalent, an increase of 476% over the March 2019 measured and indicated total. This increase demonstrates the project’s rich resource reserves and significant development potential.
As the global demand for renewable energy continues to grow, so does the demand for lithium as a key battery material. Canada’s American Lithium plans to open its first lithium mine in Peru by 2027 to meet global demand for lithium. This ruling will help the company achieve this goal on time.
This decision by Canadian American Lithium could have a profound impact on the global lithium market. As the company moves forward with its development plans in Peru, global lithium supply is expected to expand further, which could help lower lithium prices and boost renewable energy industries such as electric vehicles.