U.S. explorer Franklin Mining has signed a joint venture agreement with SOCRAM Energia to develop a lithium mine in northern Argentina.
The deal, which was signed recently by CEO William Petty in South America, calls for the operation to be situated in the prolific Lithium Triangle region. The single mine will be developed in three stages: 1,458 hectares in stage one, stage two would include the processing of 2,366 hectares, and the final stage would extract 1,409 hectares of lithium.
Franklin Mining said it will corroborate with the preliminary studies of the property prior to breaking ground on the new project, and it plans to extract the lithium as raw material to be sold to potential end-buyers.
Petty also noted, however, the company plans at some point to negotiate within a free-trade zone to establish a plant to process the lithium so it may be sold to battery manufacturers directly.
“Now that preliminary studies have been completed, Franklin Mining will re-register the company in Argentina, set up an office in accordance with local laws, and begin to conduct our due diligence,” the CEO said.
“This area is extremely well-known for lithium production and as of right now, the results are proving to be strong and favorable.”
Publicly held Franklin Mining is headquartered in Las Vegas, Nev., and has an office in Santa Cruz, Bolivia. Its current flagship U.S. property is the Franklin mines located near Idaho Springs, Clear Creek County, Colo.
Source: Franklin Mining