(MENAFN- ProactiveInvestors - N.America) It's been busy 12 months for Bacanora Minerals Ltd (LON:BCN), as chief executive Peter Secker has outlined in commentary attached to financial results for the year to 30 June.
'Bacanora continues to transition from an exploration company into a lithium development company,' he says.
There's been board changes, new funding, a takeover offer – rejected - new resource drilling, preliminary marketing of battery-grade lithium from the Sonora project in Mexico, and a full-blown pre-feasibility study which put a 29% internal rate of return on the project and a net present value of US$776 mln.
A feasibility study is now underway, and the company has enough money in the bank to pay for that, for initial project development and for the start of construction.
'The feasibility study for the development of a two stage, 35,000 tonne per annum lithium carbonate producer is now underway and operations at the Hermosillo pilot plant have produced battery grade material for trials in the Asian market,' said Secker.
As at the end of June, the company had cash nearly US$29 mln.
The company also re-stated its regret at the passing of chairman Colin Orr-Ewing earlier in the year.
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