Simon Clarke, CEO of American Lithium, said that the construction costs of the first-phase Falchani lithium mine in Peru are likely to increase by around 20% from the original estimate to US$700 million. The construction is expected to begin by late 2024 or late 2025, and production will start at the end of 2026 or the beginning of 2027.
An environmental impact assessment is required prior to the construction, which may need three to six months. The project also needs an updated economic assessment, which will include byproducts potassium, cesium, and rubidium. These byproducts weren’t analyzed in the original study.
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