Argentinian government lowers tax for Millennial’s lithium project

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The National Mining Secretary of Argentina granted this week a Federal Fiscal Stability Certificate to Millennial Lithium’s (TSXV: ML) Pastos Grandes lithium project.

The certificate, whose application was completed last year, outlines the tax regime and additional benefits bestowed upon Pastos Grandes for the next 30 years.

Millennial completed a feasibility study on the project and management believes that commercial production could potentially begin in two years

“The main aspect of the Federal Fiscal Stability Certificate is the confirmation of a reduction in the corporate tax rate to 25% as of January 1, 2020,” Farhad Abasov, Millenial’s president and CEO, said in a media statement. “Millennial continues to advance the lithium project at Pastos Grandes with a pilot plant construction underway and active pilot ponds.”

The 8,664-hectare Pastos Grandes property is located in the northwestern province of Salta.

To date, its Canadian owner has invested over C$40 million in exploration and development work, which includes 22 completed exploration/monitoring wells, four pumping test production wells, pilot ponds, a pilot plant as well as a year-round camp supported by a hybrid solar power system.

Measured and indicated resources at the project have been estimated in 774,000 tonnes of in situ Li; 4,120,000 equivalent tonnes of Li2CO3; 8,045,000 tonnes of in situ K; and 15,342,000 KCI equivalent tonnes.

In the inferred category, resources are 150,000 tonnes of in situ Li; 798,000 Li2CO3 equivalent tonnes; 1,559,000 tonnes of in situ K; and 2,973,000 KCI equivalent tonnes.