en.Wedoany.com Reported - Nasdaq-listed Atlas Lithium Corporation is on track to produce its first commercial lithium oxide concentrate in the fourth quarter of 2027.
The company is developing its wholly-owned Neves project in Brazil, a vertically integrated mining and processing industrial complex designed to produce 150,000 tonnes of lithium oxide concentrate annually.
Atlas Lithium stated that multiple companies have expressed written purchase intentions for the product, totaling more than three times the planned capacity, reflecting the market appeal of the Neves project.
Lithium oxide concentrate is used in the global battery supply chain, serving electric vehicles and energy storage systems.
Once operational, the Neves project will sustain approximately 5,000 direct and indirect jobs in the Jequitinhonha Valley in Minas Gerais.
The project's final feasibility study shows an internal rate of return of 145%, a payback period of 11 months, and operating costs of $489 per tonne, compared to a market price of $2,300 per tonne for lithium oxide concentrate.
All contracts signed for the project are at or below the budget levels set in the feasibility study, including the detailed engineering design contract with Promon Engenharia, the project management, cost control, and risk management contract with TSX Engineering, the engineering, procurement, and construction contract with Cerne Construções, the earthworks and civil engineering contract with RETC Infraestructura, and the electromechanical installation contract with Alfa Engenharia.
Atlas Lithium CEO and Chairman Mrac Fogassa stated that the Neves project is one of the most capital-efficient lithium development projects globally and has attracted attention from lithium buyers.
The company's continued progress on the project reflects rigorous and methodical execution.
Atlas Lithium holds the largest lithium exploration portfolio among Brazilian listed companies, with approximately 557 km2 of mining rights.
The company plans to expand the industrial capacity of the Neves project and develop additional processing facilities within its broader project portfolio to scale up production as global lithium demand grows.
