Firm hoping to extract lithium raises £3.4m

A FIRM hoping to extract the key mineral lithium from ground below the North Pennines has raised £3.4m to support its operations.

- BY GRAEME WHITFIELD

Northern Lithium, which is based at Stanhope in County Durham, announced plans last year to raise £6m in a number of phases to support its operations.

An initial fundraise that aimed to bring in £2m to support its activities in the first half of this year closed at £3.45m and marketing will begin soon to bring in another £2.5m.

In addition, the company has completed a 60-day test that it says provides further proof that economically viable levels of lithium can be extracted from hot water under the North Pennines.

The company said its latest trials were a “resounding success” and are believed to be one of only a handful of such projects that have been concluded at that scale outside China.