Perth-based company Plymouth Minerals has secured a 50 per cent stake in the San Jose lithium-tin mine in Spain from project partners Valoriza Minería, an important step towards completion of a mining licence agreement (MLA) and commencement of Tier 2 operations.
The mine — not to be confused with the ill-fortuned San José gold-copper mine in Chile — previously underwent a six-year feasibility study between 1985 and 1991 by former owners Tolsa SA, which estimated a yield of up to 1 million tonnes of lithium carbonate equivalent.
Valoriza Minería, a relatively recent Spanish producer (and subsidiary of Sacyr Global), originally secured the rights to the site in a public tender held by the regional Extremadura Government in western Spain, before reaching out for partners to fulfil the terms of its licensing agreement. Plymouth Minerals offered €1.5 million ($2.3 million) for its 50 per cent share.
The MLA process is ongoing, and a scoping study for San Jose is expected to be released soon. Following completion of a feasibility study and a further €2.5 million ($3.8 million) of spending at San Jose within three years, Plymouth can elect to gain a further 25 per cent stake in the project for a total of 75 per cent overall.