SMM

On December 4, Atlas Lithium announced that it has successfully secured $50 million in funding from Chinese lithium producers Chengxin and Yahua, suppliers of lithium hydroxide to Tesla, BYD, and LG, for its project in Brazil. In exchange, Chengxin and Yahua will receive 80% of the project’s Phase 1 lithium concentrate production. This investment fully funds the project’s estimated total capital expenditure of $49.5 million, allowing Atlas Lithium to produce up to 150,000 tonnes per annum of battery-grade spodumene concentrate by Q4 2024. Further, Phase 2 plans to increase capacity to 300,000 tpa by mid-2025.
The investment ensures the project’s financial stability and highlights the ever-growing interest of Chinese lithium producers in securing a reliable supply of lithium resources for the rapidly expanding battery market.