Laguna Verde PFS overview
Optimised dual-site project configuration
The PFS defines a dual-site configuration designed to leverage existing regional industrial
capacity while minimising the environmental impact at high altitude. The Laguna Verde
Site hosts the wellfield and a lithium chloride (LiCl) production facility utilising
DLE and concentration technologies to produce a transportable solution containing
approximately 5.9% lithium. This concentrated eluate will be transported by truck
to the Copiapó site, where a downstream plant will handle conversion to 15,000tpa
of battery-grade lithium carbonate. Locating the carbonation facility in a regional
mining hub provides access to superior logistics and a skilled labour pool, with 70%
of the operational workforce based at this site.
Advanced extraction technology and resource recovery
CTL will utilise a commercially proven alumina-based adsorbent DLE technology from
Lanshen (Li-201), which achieved a 90% lithium recovery rate in semi-industrial pilot
trials. Compared to traditional solar evaporation, the DLE-plus-reinjection model
enables faster production cycles and higher global lithium recoveries of 85.5%. The
process flowsheet is engineered for high efficiency, targeting a 98.4% internal water
recovery through a sequential membrane train including nanofiltration, reverse osmosis
and electrodialysis, followed by mechanical vapour recompression. The process eliminates
the need for large evaporation ponds by reinjecting spent brine back into the aquifer,
ensuring high water recovery and minimal net depletion.
Mineral reserves and resources
The PFS establishes the project’s first JORC compliant reserves, derived from the
mineral resource estimate completed on 30 October 2025:
- Probable reserves: 378kt of lithium carbonate equivalent (LCE) at an average grade of 186mg/L, supporting
the 25-year mine life.
- Mineral resources: total measured, indicated and inferred resources, inclusive of reserves, are estimated
at 1.9mt LCE at 174mg/L.
- Strategic lake exclusion: to address community requirements, the design specifically excludes the lake’s surface
brine resource from the production plan to preserve the visible salar surface. Accordingly,
all production well locations were selected to remain outside the lake exclusion zone.
Wellfield engineering and water management
Brine extraction is supported by a 36-well vertical wellfield designed to a depth
of approximately 400m, with production wells spaced 400m apart. Locations were selected
to remain within measured and indicated resource zones, to fall within the CEOL polygon
(outside the lake exclusion zone) and to occupy CTL’s preferential licences. The reinjection
strategy is specifically designed to maintain the basin’s hydraulic pressure, preventing
the drawdown of shallow freshwater aquifers. Well selection was further supported
by aquifer testing, notably at wells LV05 and LV06 where pumping tests demonstrated
flow rates of up to 16L/s.
Well screens are set between 200m and 400m depth to target permeable volcanic units
while limiting dilution from shallow freshwater or reinjected brine. The system is
designed for a steady-state brine feed rate of ~568L/s by Year 2. Freshwater consumption
at the salar site is estimated at 5.6L/s, whereas the Copiapó plant operates as a
closed loop with 100% internal recirculation. Securing water rights and freshwater
permitting remain critical path items for project development.
Infrastructure, ESG and social licence
Electrical supply for the salar site is planned via a 130km transmission line under
a build-own-operate-transfer (BOOT) model, targeting 100% renewable energy from Chile’s
national grid. The project area is bisected by a paved international highway, facilitating
reagent transport and export via Angamos Port. Water management focuses on internal
recovery via reverse osmosis and mechanical vapour recompression. CTL has established
a formal partnership with local indigenous communities to co-design the project’s
environmental impact assessment, ensuring traditional ecological knowledge is integrated
into the technical design ahead of a targeted 2026–2027 submission window.
Project economics: Rapid payback
The Laguna Verde PFS outlines compelling economics that place the project in the lowest
cost quartile of the global lithium industry. Based on a long-term lithium carbonate
price of
US$22,500/t, the study demonstrates a pre-tax NPV (8%) of
US$1.37bn (
US$1.0bn at 10%) and a pre-tax IRR of 24.2%. On a post-tax basis, the NPV (8%) stands at
US$959m (
US$699m at 10%) with an IRR of 21.2%. The project targets steady-state production of 15,000tpa
of battery-grade lithium carbonate over a 25-year mine life. Initial capital expenditure
is estimated at
US$748m, which includes a 21% contingency, resulting in a competitive capital intensity of
approximately
US$49,900/t. Direct cash operating costs are projected at
US$5,768/t, while the project boasts a rapid payback period of four years from the start of production.
