French mining group Imerys is forming a joint venture with British Lithium to accelerate development of the UK’s largest lithium deposit in a boost to the country’s efforts to secure supplies of the key electric-car battery material.
The two companies aim to generate 20,000 tonnes of lithium carbonate annually from granite deposits in Cornwall, enough to power 500,000 electric cars a year, helping the UK and Europe to reduce dependence on imports of the critical mineral.
The project is expected to cost about two-thirds of the €1bn Emili lithium project that Imerys is developing in central France, which is equivalent to approximately £575mn, according to people familiar with the matter.
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