Lepidico the latest victim of lithium glut

Lithium chemicals manufacturer Lepidico Limited has become the latest victim of the worldwide glut in lithium supply, with KordaMentha appointed as administrators.

The board of directors of Lepidico appointed Richard Tucker and Paul Pracilio of KordaMentha as Voluntary
Administrators of Lepidico Limited, Lepidico Holdings Pty Ltd, Bright Minz Pty Ltd, Li-Technology Pty Ltd, Mica Exploration Areas Pty Ltd and Silica Technology Pty Ltd.

According to a statement to investors: “The directors regrettably determined to place the companies into Voluntary Administration following unsuccessful attempts to secure financing for the Karibib Lithium Project and mineral concentrator.

“The administrators intend to continue the sale and recapitalisation campaign that the companies had begun prior to their appointment.

“During this time the Administrators will work closely with management and employees of the companies to assess the status of operations and preserve value.”

Lepidico has a ‘mine to market’ strategy.

Ore from the brownfield open-pit Karibib mines in Namibia is processed using conventional flotation technology.

The lepidolite-rich concentrate is transported to the UAE for conversion using our patented technologies.

The lithium hydroxide is then shipped to customers under a binding offtake agreement with US miner Traxys.

KordaMentha said any interested parties should email them to register their details.

Picture: Lepidico