Huge Deposits Of Lithium Have Been Discovered In Peru To Build Underground Mines

- Jul 25, 2018-

Macusani Yellowcake, a subsidiary of Canadian mining company highland energy metals, said on Monday it had discovered 2.5 million tons of high-grade lithium and 124 million pounds of uranium in the Falchani hard rock deposit in Puno.

Ulises Solis, the company's general manager, told a news conference that it was not clear how much of the lithium would end up as recoverable reserves.Solis says a feasibility study shows that highland energy metals will spend $800 million to build an underground lithium and uranium mine in 2019 and will begin production within a year. 6It is the latest in a series of plans to expand or build a new lithium mine.

Laurence Stefan, the company's chief operating officer, said at a news conference that the company plans to continue deep exploration in early 2019 to secure additional resources.Highland did not immediately respond to requests for comment.Solis said it was working with the Peruvian government, which still lacks clear regulations on the exploitation of radioactive materials.