St George and SVOLT to collaborate on lithium projects

Highlights:

• SVOLT is one of the world’s largest manufacturers of batteries for electric vehicles and energy storage, with operations in domestic China and abroad that supply batteries to more than 30 automobile makers and other customers.
• SVOLT has industry leading credentials in battery innovation, and pioneered the first mass produced cobalt-free battery.
• The MoU establishes a framework for St George and SVOLT to negotiate and consider potentially entering into a range of commercial transactions for investment and off-take opportunities relating to lithium projects in Australia including:
  • SVOLT to invest up to US$5 million in St George by way of a placement of shares of St George to SVOLT, subject to agreement on pricing and completion of due diligence by SVOLT.
  • Offtake arrangements whereby SVOLT may secure up to 25% of potential spodumene concentrate from the Mt Alexander lithium project.
  • The provision of funding support to St George for the development of lithium projects.
  • A potential joint venture by St George and SVOLT to acquire and develop new lithium projects.

John Prineas, St George Mining’s Executive Chairman, said:

“We are excited to announce a strategic relationship with SVOLT, one of the giants in the global EV battery market.

“High-grade lithium commences from surface at Mt Alexander as confirmed by assays of the pegmatite outcrop, so far sampled across a broad area that spans 1.7 km north-south and more than 3 km east-west. With drill programmes in progress and further field sampling underway, there is excellent potential for the footprint of high-grade lithium mineralisation to significantly increase across the more than 15 km long pegmatite corridor controlled by St George.

“We are delighted that SVOLT has recognised this tremendous growth opportunity at Mt Alexander – located in the heart of Western Australia’s newest hard rock lithium province. Our strategic relationship with SVOLT will strengthen our capacity to accelerate exploration and development at the project – particularly through the provision by SVOLT of technical advice for the marketing of lithium products as well as the potential provision of development funding.”

Read the article online at: https://www.globalminingreview.com/mining/14122022/st-george-and-svolt-to-collaborate-on-lithium-projects/