Avalon gains on partnership to build lithium battery materials refinery

Avalon Advanced Materials

04/04/2022 16:26

** Canadian miner's shares  AVL.TO  up 13.3% at C$0.17
    ** Company announces partnership to build Ontario's first
regional lithium battery materials refinery in Thunder Bay
    ** AVL signs letter of intent with RenJoules International
Ltd, unit of India's Essar Group  urn:newsml:reuters.com:*:nPn3dRnqCa
    ** Avalon says agreement involves providing initial
financial and development support for building a lithium
refinery in Thunder Bay that will be designed to accept lithium
minerals concentrates
    ** Company says the refinery will operate as a separate
private business, called Avalon Lithium Inc, a newly established
Avalon unit in which Essar will become a co-owner
    ** Avalon says construction is planned to begin this year
and refinery could be in operation by 2025
    ** AVL shares up 54.5% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))