MINING.COM: Cornish Lithium secures further $11m for UK project

Cornish Lithium, the start-up hoping to lead the development of an industry for the battery metal in the UK, has secured another £9 million ($11 million) from metals-focused investment company TechMet to help fast-track its lithium projects in the homeland.

The amount corresponds to the second tranche of an £18 million ($22m at today’s exchange rate) funding package agreed with the private investor in November.

TechMet’s decision to further invest in Cornish Lithium follows a full review of the miner’s Trelavour Scoping Study, which sets out the design and economics of the namesake project based upon the production of battery grade lithium hydroxide.

Cornish Lithium said the investment will allow it to accelerate the construction of a demonstration plant for lithium processing, a feasibility study for its Trelavour project, and conduct additional drilling.