Italian oil and energy group Eni has announced a $225 million investment in the second phase of the Black Giant lithium project in Chile. The company will partner with US-based Energy Exploration Technologies (EnergyX) to develop the deposit near Antofagasta, targeting an annual production of over 52,000 tonnes of lithium.
The move marks Eni’s entry into the critical minerals sector, as the group seeks to diversify beyond hydrocarbons. EnergyX, which holds a 75% controlling stake in the project, specialises in innovative lithium extraction technologies for energy storage and electric mobility. The first phase of development already secured a $690 million loan from the US Exim Bank to acquire more than 100,000 acres of land in the Domeyko mountain range.
Project scope and financing
Preliminary exploration estimates recoverable resources of lithium oxide at 9.8 million tonnes. Once the preparatory stage is complete, the processing plant is designed to deliver 52,500 tonnes of lithium annually. At current market prices of around $25,000 per tonne, that would translate into potential yearly revenues of roughly $1.3 billion.
– This investment gives us access to one of the world’s most strategic raw materials and is perfectly aligned with our energy transition strategy – said Claudio Descalzi, CEO of Eni.
Lithium demand and market dynamics
The rally in lithium prices over recent years has been driven by booming sales of electric vehicles and the expansion of battery storage systems. Chile, home to the world’s largest lithium reserves, is at the centre of a global race to secure supply chains. Eni’s commitment underlines the growing appetite of traditional energy companies for assets that support electrification.
The Black Giant project is expected to reach full production within four years. Both partners are also evaluating the possibility of downstream processing to produce battery-grade lithium hydroxide.
Źródło: WNP.PL, Fot. BJP7images/Shutterstock
