Critical Elements receives Certificate of Authorization to advance Rose lithium-tantalum project, Quebec
Critical Elements Lithium Corp. [CRA-TSXV; CRECF-OTCQX; F12-FSE] has received the Certificate of Authorization (CA) pursuant to Section 164 of Quebec’s Environment Quality Act for the Rose lithium-tantalum project from the Quebec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks.
The issuance of the CA is an important milestone that will allow Critical Elements to advance project financing discussions to start mine construction following the issuance of the mining lease by the Quebec Minister of Natural Resources and Forests (MNRF). The corporation was granted a positive federal decision on August 11, 2021, and therefore has now obtained all main environmental authorizations enabling it to move forward with the Rose project. The corporation also received the approval of the rehabilitation and restoration plan by the MNRF on May 13, 2022.
As per Chapter II of Quebec’s Environment Quality Act, the environmental and social impact review committee (COMEX), an independent body composed of members appointed by the governments of Quebec and the Cree Nation, was responsible for the assessment and review of the environmental and social impacts of the Rose project.
“We are very pleased with the decision regarding the Rose lithium-tantalum environmental assessment process. Critical Elements has made stakeholder relations a priority since the corporation’s inception. We are excited about the prospect of moving forward with our plans in the James Bay Eeyou Istchee region. Rose is an important project within the Eeyou Istchee James Bay territory, and I would like to thank all parties involved and especially all the Eeyou Istchee Cree Nation for their dedication and hard work over the past 10 years to achieve this milestone,” stated Jean-Sebastien Lavallee, CEO.
The Rose lithium-tantalum site is located in the Nord-du-Quebec administrative region in the Eeyou Istchee James Bay territory, more specifically on Category III land, on the traditional lands of the Cree Nation of Eastmain.
On June 13, 2022, the corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the project is estimated at 82.4% with an estimated after-tax net present value of US$1.9-billion at an 8% discount rate. In the corporation’s view, Quebec is strategically well positioned for U.S. and European Union markets and boasts good infrastructure, including a low-cost, low-carbon power grid featuring 93% hydroelectricity.