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American Pacific Borate & Lithium ticks off four more milestones for borate project

Commencement of project construction is targeting the December quarter on a fully permitted basis, subject to financing and permitting.

American Pacific Borate & Lithium Ltd - American Pacific Borate & Lithium ticks off four more milestones for borate project
The company intends to change its name to American Pacific Borates Limited

American Pacific Borate & Lithium Ltd (ASX:ABR) continues to make good progress at its flagship Fort Cady Borate Project in southern California.

The four most recently achieved milestones include the completion of basic engineering, electricity connected to site, receipt of air quality permits, and the commencement of gas connection to site.

Basic engineering has delivered definitive designs and layouts to enable the company to move into the final phase of engineering.

The company also intends to seek shareholder approval at the upcoming annual general meeting (AGM) to change its name to American Pacific Borates Limited.

Focused on starting construction this year

ABR’s CEO and managing director Michael Schlumpberger said: “We are focused on the ongoing completion of milestones that will enable us to commence construction of our flagship Fort Cady Borate Mine in the current Calendar Year.

“With the completion of basic engineering, confirmation of grid electricity and gas, and the receipt of all air quality permits we have moved closer to commencing construction and achieving our aspiration to become a globally significant producer of borates.”

DFS values the project at US$1.08 billion

Fort Cady has been rated as the best development project globally in its rated peer group.

Earlier this year, a definitive feasibility study (DFS) valued the three-phase Fort Cady Project at US$1.08 billion.

Furthermore, since the release of the DFS, process optimisation work has further shown project can consistently deliver a technical grade premium boric acid product.

Quick facts: American Pacific Borates Ltd

Price: 0.3 AUD

ASX:ABR
Market: ASX
Market Cap: $62.73 m
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