Li-FT Power Secures Quebec Natural Resources Ministry Approval to Defer Renard Mine Rehabilitation
MT Newswires Live
Yesterday
Li-FT Power (ASX:LFT) said Quebec's Natural Resources Ministry has authorized the company to defer rehabilitation and restoration work at the Renard diamond mine until June 23, 2028, satisfying the final condition for the release of a CA$12 million option fee to secured creditors, according to a late Monday statement by the company.
Under the agreement, the company has an exclusive two-year option to acquire Renard or its owner for CA$1 while covering estimated annual care and maintenance costs of CA$18 million.
The company will use the option period to evaluate Renard's potential for lithium processing and negotiate the final acquisition terms.
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