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Brazil junior roundup: South Star, Lithium Ionic

Bnamericas Published: Tuesday, September 20, 2022
Brazil junior roundup: South Star, Lithium Ionic

South Star, a Canadian battery metals project developer, obtained the construction permit for its US$35mn Santa Cruz graphite mine in Brazil’s Bahia state.

"The municipal construction permit was the final approval we needed for phase 1 construction to begin in earnest, and are pleased to have achieved this important milestone," CEO Richard Pearce said in a statement.

Commercial production is planned to start in the fourth quarter of 2023, he added.

“We also had positive meetings with the state of Bahia’s development and industrial agencies, as well as representatives from the major port facilities in [state capital] Salvador. We presented additional details about Santa Cruz and our planned growth through phase 2 (25,000t/y of concentrates) and phase 3 (50,000t/y of concentrates). Santa Cruz will be the first major industrial facility in the municipality and one of the largest in the region as we scale operations,” Pearce said. 

The company plans to invest US$8mn in phase 1 and US$27mn in phase 2. 

LITHIUM IONIC 

Canada’s Lithium Ionic plans to raise Cdn$25mn (US$18.8mn) from a private placement of shares to finance its expansion in Brazil. The company will raise funds by selling up to 15.6mn common shares, with Clarus Securities as lead agent on behalf of a syndicate of agents.

"The gross proceeds raised under the offering will be used for exploration and development work on the company’s mineral properties and for general corporate working capital purposes," according to a press release.

The company owns the Itinga lithium project in Minas Gerais state. 

In August, the company announced that it advanced its due diligence process to conclude the acquisition of two lithium mining licenses from Galvani Nordeste Mineraçao in Minas Gerais. In June, the company unveiled an agreement to acquire the licenses, near Sigma Lithium’s Xuxa deposit and CBL’s lithium operation, in a deal worth US$3.2mn.

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