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European Lithium signs binding term sheet with Obeikan for hydroxide plant in Saudi Arabia

Published by , Editorial Assistant
Global Mining Review,

European Lithium has announced, further to its update dated 28 April 2023, that it has signed a binding term sheet for the joint development and operation of a lithium hydroxide processing plant in Saudi Arabia with Obeikan Group to convert lithium concentrate into lithium hydroxide.

Tony Sage, Chairman of European Lithium, said the new facility, once operational, was expected to significantly reduce energy costs and deliver savings in Opex, in addition to lower Capex, for operations at the Company’s Wolfsberg Lithium Project, and continued: “We are pleased to reach this strategic step in partnering with Obeikan that paves the way for significant Opex savings including greatly reduced energy and financing costs, and a much lower taxation rate. We look forward to progressing our plans to harness the latest technology in developing a facility of the highest quality and efficiency, in doing so, strengthen the economics of Wolfsberg and our future projects.”

Abdallah Obeikan, CEO of the Obeikan Investment Group said: “We are pleased to have reached this agreement with European Lithium. We are convinced that our partnership will be beneficial for all stakeholders. This partnership will combine EUR expertise with the industrial knowledge of Obeikan and the strength of Saudi Arabia.”

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