Crown go-ahead for lithium search off West coast
AMINING company has been given permission by the Queen’s Crown Estate to start exploration for lithium in the geothermal waters off the Cornish coast.
Cornish Lithium, one of the firms prospecting for the valuable mineral in the Duchy, has been handed permission to study the undersea off Cornwall’s north and south coastlines.
The Crown Estate is an independent commercial business which manages a £14.1billion portfolio of land belonging to Queen Elizabeth, including the seabed and much of the foreshore around England, Wales and Northern Ireland.
The business, which pays its entire net revenue profit to HM Treasury, works closely with the Government, industry and stakeholders to optimise the potential of the seabed. Its latest Minerals Licensing Round has granted Cornish Lithium rights to explore for lithium, a key component of lithium-ion batteries used for electric vehicles and renewable energy power storage.
The UK currently imports lithium, and environmentally-responsible production in the UK would represent an important step forward in combating climate change.
The award of rights follows a comprehensive two-year tender process, started in 2018, and an environmental assessment known as a plan-level Habitats Regulations Assessment that concluded in December 2020.
It gives Cornish Lithium the opportunity to explore offshore for potential lithium mineral resources contained within geothermal waters.
The grant of rights means that Cornish Lithium can now begin its deskbased exploration programme, to start to identify potential geological targets for later research. Physical exploration works are not anticipated for at least four years.
In order for Cornish Lithium to proceed to commercial extraction the business will need to meet all the milestones required for extraction rights from the Crown Estate, as well as statutory planning and environmental consents.
Whilst exploration work for lithium in geothermal waters is at an early stage, lithium extraction has significant potential to create new revenue and jobs within a new industry for the benefit of Cornwall.
Nick Everington, portfolio manager at The Crown Estate, said: “Lithium has an important and exciting role to play in helping unlock an electric economy and deliver the UK’s commitment to net zero carbon emissions by 2050.
“Following a robust tender process for rights to explore for minerals off the coast of Cornwall, we are pleased to award these initial rights to Cornish Lithium for exploratory works.”
Jeremy Wrathall, chief executive and founder of Cornish Lithium, said: “The grant of the rights to explore parts of offshore Cornwall for lithium in geothermal waters is a great opportunity for Cornish Lithium, Cornwall and the wider UK.
“The opportunity to produce lithium from geothermal waters in Cornwall, using a low impact and environmentally responsible process, offers great potential for the establishment of a new industry in Cornwall.”