Junior miner First Phosphate Corp., Saguenay, Quebec, on Feb. 24 announced that it signed a Memorandum of Understanding (MOU) with Prayon SA, Engis, Belgium, Europe’s largest producer of purified phosphoric acid.
First Phosphate holds 1,500 square kilometers of total land claims in the Saguenay Region, some 110 kilometers north of the City of Saguenay, which it is actively developing to produce battery grade phosphate at ESG standards and with a low-carbon footprint (GM Oct. 14, 2022).
First Phosphate and Prayon have committed to study the potential of a long-term offtake agreement. Prayon requires phosphate concentrate and is interested in purchasing concentrate from First Phosphate’s eventual mining operations, subject to specifications. Such feedstock would be transformed into merchant grade phosphoric acid (MGA) and subsequently into purified phosphoric acid (PPA) at Prayon’s plant located in Belgium.
First Phosphate and Prayon have agreed to study the potential of a long-term purified phosphoric acid toll processing agreement.
First Phosphate contemplates the development of its own fully dedicated, captive-use LFP battery grade phosphoric acid production facility. First Phosphate and Prayon have agreed to discuss the terms and conditions of a license for Prayon’s technological expertise in the manufacture of merchant grade and LFP grade phosphoric acid to permit First Phosphate to establish its own phosphoric acid facilities in Quebec. The manufacturing methodology would be based on Prayon’s clean technologies, which include options for full gypsum recycling.
Prayon has familiarity in the production of LFP cathode active material and has expressed interest in collaboration with First Phosphate to study the feasibility of such a production facility based in Quebec.
“The LFP battery already represents a leading globally accepted battery chemistry but still has limited domestic manufacturing supply in Europe and North America,” said First Phosphate President Peter Kent. “Today’s announcement sows the seeds to onshore that production capacity in North America. Let’s not forget that LFP battery technology was originally developed decades ago in a partnership with researchers in Quebec, Canada, the US, and Europe.”
“We are pleased to cooperate with First Phosphate and to test implement our recognized technologies for the production and treatment of high grade phosphoric acid intended to supply the LFP battery industry in North America,” said Prayon Chief Technology Officer Marc Collin. “The opportunity of partnership with First Phosphate is an important step in our global diversification initiatives.”
Prayon is jointly owned by OCP of Morocco and SRIW of Belgium.
First Phosphate on Feb. 28 announced that its common shares have begun trading on the Frankfurt Stock Exchange (FSE) under ticker symbol “KD0.” The company’s common shares are now cross listed on the Canadian Securities Exchange (CSE) and the FSE. On Feb. 22, the company had announced that its shares were approved to trade on the CSE under the ticker “PHOS.”
“North America and Europe represent two of the largest and most advanced electric vehicle markets in the world,” said Kent. “Our management has worked diligently to ensure that our FSE listing would coincide as closely as possible with our recent CSE listing. We wish to extend an invite to European battery metals investors to join our shareholder family.”
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