Oceana Lithium conducts IPO to fund exploration in Brazil


Australia’s Oceana Lithium has raised A$6 million (US$4.1 million) in an IPO on the ASX, in part to invest in a lithium project in Ceará state in northeastern Brazil.

“The funds raised will be directed towards aggressive exploration of the company’s 100% owned Solonopole and Napperby lithium pegmatite projects in Brazil and Australia,” the company said in a statement.

Solonopole covers an area of ​​114 km2 three hours’ drive from the port of Fortaleza, the capital of Ceara.

“Based on their biochemical signature, the Solonopole pegmatites belong to the LCT (lithium-cesium-tantalum) family of rare-element pegmatites,” he adds.

The IPO includes participation from Sichuan Yahua Industrial Group, the world’s third-largest lithium hydroxide producer and a major supplier to electric vehicle makers Tesla, BYD Auto and Sinopec, according to the release.

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