Lithium Americas Reports 2020 Full Year and Fourth Quarter Results
VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") has reported financial and
operating results for the fourth quarter and year ended December 31, 2020.
This news release should be read in conjunction with Lithium Americas’ consolidated financial statements and management's discussion and analysis for the year ended December 31, 2020, which are available on the Company’s website and SEDAR.
All amounts are in U.S. dollars unless otherwise indicated.
Caucharí-Olaroz Lithium Project (“Caucharí-Olaroz”):
- Construction activities at Caucharí-Olaroz continue to advance with enhanced COVID-19 health and safety protocols in place.
- Capital expenditures for the Project remain on budget with $477 million (84%) of the $565 million committed, including $388 million (69%) spent, as of December 31, 2020.
- Capital costs attributable to COVID-19 during the construction period, including costs for quarantine and extra camp capacity, are being assessed and now reported separate from the budgeted capital expenditures.
- Significant progress has been made on the lime plant, solvent extraction plant and lithium carbonate plant.
- The solar evaporation ponds are well advanced with sufficient brine inventory to support production ramp up.
- The health and safety of the workforce and surrounding communities remains the highest priority with no positive cases of COVID-19 reported at site in over 130 days.
- Based on the latest construction schedule, which assumes a reduced workforce at site in accordance with COVID-19 protocols throughout construction, the Company expects first production in mid-2022.
- In Q1 2021, Marcelo Cabral was appointed General Manager responsible for the development and commissioning of Caucharí-Olaroz. Mr. Cabral was previously with Gold Fields Ltd. and responsible for commissioning MMG Ltd.’s Las Bambas copper project in Peru.
- In H1 2021, the Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”), a company owned by the Government of Jujuy province, is expected to complete the exercise of
its 2012 participation right, at which point it will receive and hold an 8.5% interest in Caucharí-Olaroz.