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TORONTO, 12 July 2023: Avalon Advanced Materials Inc and Metso Corporation have signed a memorandum of understanding (MOU) to create a strategic partnership to develop Ontario’s first lithium processing facility.
The facility will be located in Thunder Bay, Ontario, and will use Metso’s world-leading technology to produce lithium hydroxide, a key component in lithium-ion batteries. The facility is expected to create an estimated 500 jobs and will help to ensure a stable and reliable supply of lithium for the growing electric vehicle market.
“This partnership is a significant step forward in our strategic plan to become a leading North American vertically integrated lithium producer,” said Zeeshan Syed, President of Avalon. “Metso’s technology is the best in the world, and their expertise will be essential to the success of this project.”
“We are excited to partner with Avalon to help them bring this important project to life,” said Mikko Rantaharju, Head of Hydrometallurgy at Metso. “Our technology is ideally suited for the production of lithium hydroxide, and we are confident that we can help Avalon to meet the growing demand for this critical mineral.”
The MOU between Avalon and Metso outlines the key terms of the partnership, including the development of a definitive agreement by 1 September 2023. The definitive agreement will set out the specific terms and conditions of the partnership, including the ownership structure of the facility and the supply of lithium hydroxide to the electric vehicle market.
This partnership is a significant development for the Canadian lithium industry, and it is a clear sign of the growing importance of this critical mineral. The facility in Thunder Bay will help to ensure that Canada has a secure and reliable supply of lithium, and it will also create jobs and economic opportunities in the region.
