Wesfarmers (ASX:WES) defer investment decision on Mt Holland lithium project

Company News

by Rachael Jones

Wesfarmers (ASX:WES) says they have completed a definitive feasibility study (DFS) on the Mt Holland lithium project but a final investment decision has been deferred.

Covalent Lithium, the joint venture company jointly owned by Wesfarmers and Sociedad Quimica y Minera de Chile S.A. (SQM), completed the DFS in November 2919.

The project includes the construction of a mine and co-located concentrator at Mt Holland and a lithium hydroxide refinery in Kwinana.

The DFS confirmed that the Mt Holland lithium project presents a world-class opportunity to develop an integrated large-scale, long-life and high-grade operation in Western Australia.

However, following a review of the DFS, Wesfarmers and SQM have agreed to undertake additional work which will defer the final decision on the project to the first quarter of calendar year 2021.

Shares in Wesfarmers (ASX:WES) closed 0.6 per cent lower at $44.52 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.