FRANCE - ALLIER - ECHASSIERES - 21/10/22 - The largest lithium deposit in Europe has been discovered in the kaolin quarries of Beauvoir, owned by IMERYS. Core sample where we can see granite and diffuse lithium. - Photograph by Jerome CHABANNE / Hans Lucas FRANCE - ALLIER - ECHASSIERES - 21/10/22 - C est a la carriere des kaolins de Beauvoir, propriete de la societe IMERYS qu a ete decouvert en sous sol le plus gros gisement de lithium d Europe. Carotte de sondage ou l on peut apercevoir du granite et du lithium diffus. - Photographie de Jerome CHABANNE / Hans Lucas
Australia- and Frankfurt-listed Vulcan Energy has secured a conditional €879-million debt commitment letter from Export Finance Australia and seven commercial banks to advance its Phase One Lionheart project in the Upper Rhine Valley Brine Field, straddling Germany and France.
The Lionheart project, Europe’s largest lithium resource, aims to produce battery-grade lithium carbonate using Vulcan’s proprietary VULSORB technology.
The process harnesses natural heat from subsurface brines to extract lithium while generating renewable energy, providing a low-cost and sustainable lithium supply for European electric vehicle batteries.
The total project cost is estimated at €2.2 billion, including €1.4 billion in capital expenditure. Vulcan plans to finance the project through a mix of project-level debt and equity funding.
The company is also seeking additional approvals from Export Development Canada and other export credit agencies to secure a total debt package of €1.5 billion to €1.6 billion.
“This debt commitment letter marks a significant step in financing the project, and we will continue to advance discussions in the coming months. We look forward to finalizing the financing package next year,” said Vulcan CFO Felicity Gooding.
The Lionheart project is scheduled to begin production in 2027, with an annual output of 24,000 tonnes of lithium carbonate equivalent, further solidifying its role in Europe’s transition to sustainable energy solutions.
