The deal
US chemical company Albermarle has invested C$109m ($81.17) in Canadian miner Arbor Metals’ St James Lithium camp in Quebec, Canada.
Why it matters
The St James Lithium Camp includes Arbor Metals’ Jarnet Lithium Project, one of the primary sites in Arbor’s lithium portfolio. Arbor acquired the 3,759-hectare Jarnet project in January 2022, expressing a desire to “unlock the full potential” of the project.
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Jarnet is composed of 47 map-designated claims adjacent to Patriot Battery Metals’ Corvette-FCI claim block. Two months before Arbor’s purchase, “significant lithium mineralisation” was confirmed at Corvette-FCI.
Mark Ferguson, Arbor CEO and president, stated: “We are encouraged by Albemarle’s substantial investment in the St James Lithium Camp, which further validates our belief in the camp’s potential. The St James region is swiftly gaining recognition as a prominent lithium district, and Albemarle’s commitment underscores the importance of the lithium resources in the area.”
Lithium produced in the area would contribute to the US Inflation Reduction Act’s (IRA) minimum threshold for domestically produced clean energy components. The IRA applies to any country the US has a free trade agreement with, such as Canada, meaning companies in the US will achieve the same benefits from using Canadian lithium as US lithium.
This will make the St James lithium camp’s production sought-after among US energy transition-focused companies such as battery producers.
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