Alberta lithium company E3 pegs capital cost of proposed project at $2.47B

A company that aims to develop the lithium that occurs naturally within Alberta's oilfield brines has pegged the estimated capital cost of its proposed Clearwater project at $2.47 billion.

Publicly traded junior resource firm E3 Lithium opened the province's first lithium extraction pilot project near Olds, Alta. last fall.

The company aims to construct a full-scale commercial facility in the same area that would process battery-grade lithium product ready to be sold directly to battery producers and electric vehicle companies.

The company — which has financial backing from Imperial Oil Ltd. — announced Wednesday it has completed a pre-feasibility study that establishes a "clear and viable pathway" to commercialization.