Amsterdam, 14 November 2019(Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") today announced its subsidiary, AMG Lithium GmbH, Frankfurt, has commenced basic engineering for a "battery grade" lithium hydroxide facility. It has applied with Investitionsbank Sachsen-Anhalt, Germany, for a governmental grant for the construction of a lithium hydroxide refining plant to be located in Elsteraue/Zeitz. Detailed engineering for that plant will begin by the end of this year.
The new plant, subject to the necessary approvals, will operate on validated processes and be fed with "technical grade" lithium hydroxide, enabling AMG to serve a key need of the electric vehicle lithium battery market for consistent, high-quality "battery grade" lithium hydroxide delivered on a just in time basis. In order to support such plans, AMG Lithium GmbH has established a state-of-the-art lithium hydroxide and battery materials laboratory in Frankfurt-Hoechst. Total capital investment for the refining plant and laboratory is presently estimated at approximately $50 million to $60 million. This "battery grade" lithium hydroxide facility will complement AMG's plans to build a "technical grade" lithium hydroxide plant in Brazil and therefore will open the European market for that expansion in Brazil.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan).
For further information, please contact:
AMG Lithium GmbH +49 69 305 24390
Dr. Stefan Scherer
AMG Advanced Metallurgical Group N.V. +1 610 975 4979
Vice President Investor Relations
Certain statements in this press release are not historical facts and are "forward looking". Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. These forward looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward looking statement is based.
- 11.14.2019 Lithium Hydroxide Plant (https://ml-eu.globenewswire.com/Resource/Download/a6ab1488-eab5-4ccb-b26d-846d4bd82f8b)