From Clean Energy Finance Corporation:

A West Australian project aiming to produce lithium concentrate – a central component used in electric vehicles and battery storage – has secured a US$15 million (about AU$20 million) investment from the Clean Energy Finance Corporation (CEFC).

In its first investment in a WA mining project of this type, the CEFC was a cornerstone investor in a US$100 million senior secured bond issued by Pilgangoora Operations Pty Ltd, a wholly-owned subsidiary of ASX-listed Pilbara Minerals Limited. The bond will finance the development of the Pilgangoora lithium-tantalum project in Western Australia.

The Pilgangoora lithium mine is in the Pilbara region, about 120km south of Port Hedland. It will produce lithia raw materials (spodumene concentrate) that can be used to support a full range of lithium products for lithium ion batteries and energy storage solutions.

CEFC CEO Ian Learmonth said the CEFC investment was a prime example of how the CEFC could support the development of a strong clean energy supply chain to further enable Australia’s transition to a low carbon economy.