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Millennial Lithium shares tick higher as it commissions new renewable energy project center in Argentina

The center includes a camp for up to 100 people, an on-site laboratory, and a process pilot plant

The camp and the solar system
The hybrid solar power system for the center is the first of its type in the Puna region

Shares in Millennial Lithium Corp (CVE:ML) (OTCQB:MLNLF) ticked up Monday as the company revealed it had commissioned its project centre at the flagship Pastos Grandes Salar lithium project in Argentina, which will be run with renewable energy.

This includes a camp for up to 100 people, an on-site laboratory, and a process pilot plant, which is being built and due to be launched in the second quarter.

READ: Millennial Lithium shares zip up on encouraging lithium brine pump test results from Pastos Grandes

The hybrid solar power system for the center is the first of its type in the Puna region of Northern Argentina and at nominal energy use levels, this will reduce fuel consumption costs by more than US$250,000 per year, and carbon dioxide output by 147 tonnes annually, the company said.

"We at Millennial are excited to be on the leading edge of the green revolution in commissioning our renewables-powered project development park at our Pastos Grandes Salar lithium brine project in Argentina," said Millennial president and CEO Farhad Abasov. "In addition to its primary benefits of minimizing CO2 output while significantly reducing operating costs, the camp energy system will help us to quantify and maximize the benefit of renewable energy saturation in our commercial operations engineering and commissioning."

The Puna region has one of the highest levels of solar loading in the world.

Millennial said that after careful consideration, Millennial selected an experienced local Salta company, Ergy Solar, to install and commission an integrated solar photovoltaic, battery and backup conventional power generation system.

Smart controller

The hybrid solar system is managed by a "smart" central controller that constantly reads loads and optimizes power output to the center and the batteries to take full advantage of the high levels of sunshine.

The PV panel and battery system can provide power at maximum capacity for more than 18 hours throughout the daily 24-hour cycle

Last month, the firm released encouraging pump test results from Pastos Grandes.

Millennial's well, dubbed PGPW17-04, was installed in the central part of the firm's property to complete extended pumping of lithium brine to determine the robustness and chemical variation of the aquifer over 23 days in September last year.

At a pumping rate of 15 litres per second (L/s), the lithium content remained consistent over this period and the drawdown was around 57 meters (m), with rapid recovery.

Shares in Toronto ticked up 3.4% to $1.82 each.

Quick facts: Millennial Lithium

Price: 1.12 CAD

TSX-V:ML
Market: TSX-V
Market Cap: $93.23 m
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Watch

Millennial Lithium moving fast towards feasibility at its Pastos Grandes project

Farhad Abasov, president and chief executive of Millennial Lithium Corp (CVE: ML), discusses progress at the company's flagship Pastos Grandes as well as the Cauchari East projects with Proactive's Andrew Scott. Abasov says they've acquired more land to the south of Pastos Grandes so are...

on 10/8/18

2 min read