EV Metals Group plc (EVM), announces the signing of a strategic partnership agreement with RCF Management L.L.C, the manager of Resource Capital Funds (“RCF”), a leading private equity firm specialising in the global mining and minerals sector.
The agreement outlines a strategic collaboration whereby RCF will leverage its global platform to work with EVM and its wholly owned subsidiary, EV Metals Arabia Company for Industry (“EVM Arabia”), in considering avenues to secure investment for EVM Arabia’s Lithium Chemicals Plant (“LCP”) Project in Yanbu Industrial City in the Kingdom of Saudi Arabia. The LCP Project is at an advanced stage, ready to commence construction for the first two processing trains with a production capacity of 50,000 tonnes per annum of high purity Lithium Hydroxide Monohydrate for customers across Europe and the Middle East.
Commenting on the partnership, Luke Fitzgerald, CEO of EV Metals Group plc, said: “RCF brings substantial mining and metals investment experience and a strong team of professionals with wide-ranging industry and financial expertise. Their demonstrated history of successful investments in metals and mining globally, together with their extensive portfolio of assets under management, makes them an invaluable partner for EVM as we advance our Lithium Chemicals Plant Project in the Kingdom of Saudi Arabia.”
Commenting on the partnership, Martin Valdes, Head of Private Equity of RCF, said: “At Resource Capital Funds, we are true believers in the energy transition thematic and the need for further sources of refinery capacity for critical minerals outside China. Considering the downstream expertise, the strategic geographic location and the advantageous cost of energy that the Kingdom of Saudi Arabia provides, building a lithium chemical plant makes enormous strategic and economic sense. EVM has advanced a very attractive project, and RCF is pleased to be partnering up with them to advance this exciting project.”
