Critical Metals Corp, a leading mining development company focused on critical metals essential to electrification and next-generation technologies, has provided an update on its progress at the Wolfsberg lithium project in Austria, as well as developments related to its joint venture, Arabian New Energy Corp.
Tony Sage, CEO and Executive Chairman of Critical Metals Corp, commented: “Alongside the significant progress our team has made with our rare earth asset in Greenland, we continue to push forward with our development plans for the Wolfsberg project and its associated hydroxide plant in Saudi Arabia. With the recent approval for Zone 2 drilling at Wolfsberg, we are excited to further unlock the potential of this transformational lithium asset.”
Arabian New Energy Corp update
Earlier this year, Critical Metals Corp partnered with the Obeikan Group to establish Arabian New Energy Corp, a 50/50 joint venture focused on developing, constructing, and commissioning a lithium hydroxide processing plant in Saudi Arabia. This plant will process lithium spodumene concentrate from the Wolfsberg project.
Arabian New Energy Corp has appointed Hatch Ltd., a globally recognized engineering firm, to begin design work on the lithium refinery, which is expected to produce up to 20,000 metric tons of battery-grade lithium hydroxide annually. To strengthen the technical capabilities of the project team, partners Critical Metals Corp and Obeikan will inspect two hydroxide plants in China, the world leader in battery production, later this year.
Wolfsberg Lithium project update
DRA Projects (Pty) Ltd, a global engineering, project delivery, and operations management firm, is expected to update the financial model from the 2023 Definitive Feasibility Study (DFS) for the Wolfsberg mine and lithium concentrate converter. The updated DFS is expected to be completed in the first quarter of 2025.
Critical Metals Corp is also advancing discussions for project financing for the Wolfsberg mine as it nears a build decision. The company has received approval to drill Zone 2, and any resources identified in this area will be separate from its existing agreement with a global automaker. Critical Metals Corp is actively engaging with multiple potential off-take partners to secure future sales agreements.
Looking ahead
Critical Metals Corp continues to make significant strides in advancing its lithium projects and expanding its footprint in the critical minerals sector. With the approval for Zone 2 drilling at Wolfsberg, the company remains focused on unlocking additional value from its lithium assets while progressing with its joint venture in Saudi Arabia to support the growing demand for battery-grade lithium hydroxide.
