REG - Clontarf Energy PLC - Encouraging Bolivian Brines Progress

Clontarf EnergyAnnouncement

06/03/2024 10:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240306:nRSF8212Fa&default-theme=true

RNS Number : 8212F  Clontarf Energy PLC  06 March 2024

6(th) March 2024

 

Clontarf Energy plc

("Clontarf" or the "Company")

 

Encouraging Bolivian Brines Progress

 

Clontarf Energy plc (AIM: CLON), the energy company focused on lithium brines,
and petroleum projects, is pleased to update shareholders on substantial,
recent progress, in its activities in Bolivia:

 

The Company reports that on 4 March 2024, it submitted its qualification
materials to the Bolivian State Lithium Company ("YLB") in relation to the
Call for Bids ("convocatoria") for the seven priority salares (salt pans) in
Southern Bolivia. Assessment by YLB is expected during March, with
negotiations on licence terms for those successful applicants anticipated from
early April.

The Company further notes that, on 27 February 2024, the European Commission
launched an important initiative in partnership with a high-level Bolivian
delegation to Brussels. This followed the EU Critical Minerals Act 2023,
which aims to boost and diversify supplies of critical raw materials, and
support necessary Research and Development. Clontarf Energy participated with
other private sector companies, banks and development agencies in these events
in the country. The result was that the EU institutions agreed in principle to
finance related infrastructure, through the Bolivian authorities, and accepted
that Direct Lithium Extraction (DLE) is clean and environmentally friendly. As
infrastructure spend can be two-thirds of the total capital cost of new mines
in remote locations, this support is critical. Bolivian representatives also
accepted in principle that such investment would qualify for contractual
offtake rights, under applicable law. This meets the key EU objective to
protect and develop its automotive and green technology sectors.

 

Further updates will be provided, as appropriate, in accordance with necessary
clearances from the authorities.

 

 

David Horgan, Chairman, commented: "Recent progress vindicates Clontarf's
confidence, as all parties focus on practical measures to expedite lithium
production.

 

"Both Bolivia, and the EU Commission are thinking strategically:

 

"Bolivia is determined to boost output of battery-grade lithium, under law.
Its high-grade brines carry economic grades of lithium and other salts
offering cleaner sources than current mining practices of burning hard-rock in
Chinese coal-fired furnaces.

 

"The EU Commission rightly identifies Bolivia as potentially a key source of
large volumes of cleanly-produced, high-purity battery-grade lithium. EU and
other development institutions embrace their responsibility to overcome
financial and legal challenges to deliver early output.

 

"The convocatoria, or formal Call for Bids, gives all sides a legally-binding
basis for exploration and development agreements in joint venture with
national authorities.

 

"The EU Commission drives ahead with its Critical Minerals initiative. EU
institutions have the resources, skills, and determination to make these
projects happen. Once it starts moving it is difficult to stop.

 

"We expect early results from ongoing efforts to strengthen critical raw
material value chains between the EU and Latin America. Clontarf is
participating vigorously in this initiative."

 

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.

ENDS

 

 

 

For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com) or contact:

 

 

 Clontarf Energy                    +353 (0) 1 833 2833

 David Horgan, Chairman

 Jim Finn, Director

 Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer
 Broker                                     +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 Public Relations                   +44 (0) 207 138 3206

 BlytheRay

 Megan Ray
 Teneo                              +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 Fia Long

 Alan Reynolds

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBQLFBZXLXBBF