Lithium Americas (TSE:LAC)(OTCQX:LHMAF) Tuesday reported its financial and operating results for the fiscal year 2012.
The company is focused on the exploration and evaluation of lithium, potassium, and other mineral resources in South America.
the year, the company invested a total of $39.8 million in property
rights, exploration and evaluation activities related to the
Cauchari-Olaroz lithium project in Argentina.
During the period
it incurred $11.4 million in property rights, exploration and evaluation
cost activities necessary to complete the Definitive Feasibility Study
As at February 29, the company had $7.3 million in cash
and cash equivalents and positive working capital of $5.3 million. The
company also has an undrawn $10 million stand-by line of credit
available to fund current operations.
Net loss was 77.2 million, or 9 cents per share compared to a loss of $68.8 million, or 8 cents a year earlier.
"After consistently achieving the key milestones in defining and understanding our resource, Lithium Americas
is now positioned to complete its Definitive Feasibility Study ("DFS")
and commence construction of one of the world's largest and lowest cost
lithium operations", Lithium Americas president and CEO Dr. Waldo A. Perez said.
addition to our cash balance, we have secured additional funding
through a $10 million stand-by line of credit, which provides us with
the financial flexibility to negotiate transactions that will fully
maximize shareholder value after completion of the DFS."
the company's operational highlights during the year, it completed a 3D
brine numerical model to simulate brine extraction from its
Cauchari-Olaroz lithium project; secured long-term land use agreements
with five aboriginal communities located on the Cauchari-Olaroz
properties and completed and submitted an Environmental Impact Statement
and completed its lithium carbonate pilot plant.
the company has completed its exploration program and its PEA, and is
now focused on completing its Definitive Feasibility Study and other
initiatives required in order to begin commercial operations.
milestones that the company will be working towards over the next 12
months with the goal of achieving commercial production within 2014
include: a Definitive Feasibility Study from ARA Worley Parsons is due
on or before the end of the second
calendar quarter of 2012; on
completion of the Definitive Feasibility Study, the company plans to
commence detailed engineering work within 9 to 12 months of
An Environmental Impact Statement (EIS) is the only pending permit the company is legally required to obtain before starting
and mining operations at Cauchari-Olaroz. It has already been submitted
to the government authorities, and the company expects the EIS to be
approved within the second half of calendar year 2012.