Avalon Advanced Materials have revised their financial plans, in order to provide more return on investment for their Separation Rapids property. Lithium from the deposit north of Kenora can be used for rechargeable batteries, as well as specialty glass products.
According to the revised preliminary economic assessment report issued earlier this week, the upfront capital expenditure requirement is $77.7 million with a further $13.7 million planned for the feldspar work. Feldspar can be used for glassware and ceramics.
The report estimated average annual revenue at $90 million, versus average annual costs of $60 million.
"So, it'll be something that attracts quite a bit more interst going forward," said Bubar Friday.
The company is moving towards the permitting process and construction of the mine and processing facilities. It's also working to finalize orders.
"We need to get our final commitments from the glass industry customers, who have expressed interest in our product," Bubar added.
Shares were trading at about 10 cents last week, down four cents from 14 cents a share earlier this year.
Once operating, the mine hopes to employ 80 to 100 people for about 20 years. The company's hoping to have processing facilities both at the site and in Kenora.
Bubar says they're working on the permits, along with the bulk samples for their engineering studies. If all goes well, they could start building next year.
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