Thursday, August 23, 2012

Rockwood buys Talison Lithium for $724 Million Cash!

Talison Lithium Limited

TSX : TLH




August 23, 2012 08:15 ET

Cash Acquisition of Talison Lithium by Rockwood



PERTH, WESTERN AUSTRALIA--(Marketwire - Aug. 23, 2012) - Talison Lithium Limited ("Talison" or the "Company") (TSX:TLH) announced today that it has entered into a definitive Scheme Implementation Agreement ("SIA") with Rockwood Holdings, Inc. ("Rockwood") under which it is proposed that Rockwood, or a wholly-owned entity of Rockwood, will acquire 100% of the ordinary shares in the capital of Talison (the "Shares") by way of a Scheme of Arrangement ("Scheme") under the Australian Corporations Act 2001 (Cth) for cash consideration of C$6.50 per share. This values the equity of Talison at approximately C$724 million on a fully diluted basis.
The cash consideration of C$6.50 per Share, represents:
  • A 53% premium to Talison's last closing price on August 22, 2012 of C$4.24;
  • A 52% premium to Talison's 10 day volume weighted average price ("VWAP") of C$4.28; and
  • A 59% premium to Talison's 30 day VWAP of C$4.08.
The cash consideration provides an opportunity for Talison Shareholders to realise immediate value for their Shares at a substantial premium to market and reflects the size, strategic nature and growth potential of Talison's lithium operations.
The SIA entered into by Talison and Rockwood also proposes that Rockwood, or a wholly-owned entity of Rockwood, will acquire 100% of the options to acquire Shares ("Options") through an option scheme of arrangement ("Option Scheme") for cash consideration of C$6.50 per Option less the exercise price for that Option.
The board of directors of Talison ("Talison Directors") has considered the Scheme and the Option Scheme and unanimously recommends that Shareholders and Optionholders vote in favour of the Scheme and the Option Scheme, in the absence of a Superior Proposal (as defined in the SIA) and subject to an Independent Expert concluding that the Schemes are in the best interests of security holders. Each of the Talison Directors intends to vote the Shares and Options held or controlled by them in favour of the Scheme and Option Scheme.
Resource Capital Fund IV L.P. and Resource Capital Fund V L.P. (collectively, the "RCF Funds"), together having a 36.8% shareholding interest in Talison, have each confirmed to Talison that, in the absence of an offer which the RCF Funds determine is superior, they support the Scheme and intend to vote all of their Shares in favour of the Scheme.
Peter Robinson, Chairman of the Board of Talison, said, "Today marks a significant milestone in the history of Talison. Under the Scheme, Rockwood is offering cash consideration representing an attractive premium for Shareholders and allowing Shareholders to realise immediate value for their Talison Shares. This reflects positively on Talison's position in the global lithium market."
Macquarie Capital in Australia and Canada are acting as financial advisor to Talison. A special committee comprised of independent directors of Talison has received a fairness opinion from Macquarie Capital, effective on the date hereof, which provides that, subject to the assumptions and limitations contained therein, the consideration to be received by Shareholders pursuant to the Scheme is fair, from a financial point of view, to the Shareholders.
As Talison is an Australian incorporated company listed on the Toronto Stock Exchange, the Scheme will be implemented in accordance with the requirements of the Australian Corporations Act and any applicable Canadian requirements. Consistent with best practice in Australia, an Independent Expert will shortly be appointed to opine on whether the Scheme and the Option Scheme are in the best interests of Shareholders and Optionholders respectively.
Rockwood is a NYSE-listed global specialty chemicals and advanced materials company. Rockwood focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets.
The expectation of Talison's Directors is that Talison, as part of the Rockwood group, will continue to support its existing lithium concentrate customers in China and the rest of the world.
Scheme Details and Timetable
The completion of the Scheme and Option Scheme is subject to minimal conditions including:
  • Approval under the Australian Foreign Acquisitions and Takeovers Act 1975 (Cth);
  • Regulatory approvals from the Australian Securities and Investments Commission and the Australian Court;
  • Approval of the requisite majority of Talison Shareholders at a meeting of Shareholders;
  • No Material Adverse Change (as defined in the SIA) occurring to Talison; and
  • No Prescribed Occurrence (as defined in the SIA) occurring in relation to Talison.
Further due diligence is not a condition to completion of the Scheme or the Option Scheme.
The SIA contains terms typical for a transaction of this nature for an Australian incorporated company, including "no shop" and "no talk" provisions (subject to typical directors' fiduciary duty exemptions), notification and matching rights.
A mutual break fee ("Break Fee") of C$7 million is also payable in certain circumstances. Talison is not liable to pay the Break Fee by reason only of the Scheme not being approved by Talison shareholders or by the Australian Courts, nor in the event that Talison Directors withdraw their recommendation for the Scheme as a result of the Independent Expert finding that the Scheme is not in the best interests of Talison Shareholders. A Break Fee is payable by Rockwood if it materially breaches an obligation under the SIA and fails to remedy such breach. Any payment of the Break Fee will be in full and final satisfaction of all claims to which the party paying the break fee may be subject.
Implementation of the Scheme and the Option Scheme will also be subject to the terms and conditions set out in the Scheme and Option Scheme documentation when issued.
Further details are included in the executed SIA which is available on SEDAR at www.sedar.com and on the Talison website www.talisonlithium.com.
Scheme and Option Scheme booklets will be mailed to Shareholders and Optionholders. The booklets will contain, among other things, further information about the Scheme, the Option Scheme, a copy of the Independent Expert's report and related securityholder meeting materials. Talison expects that the approval of the Scheme and the Option Scheme will be put to Shareholders and Optionholders at meetings expected to be held in October 2012, and that the Scheme and Option Scheme will be completed shortly thereafter.
Advisors
Macquarie Capital is acting as financial advisor to Talison. Clayton Utz and Blake, Cassels & Graydon LLP are acting as legal advisors to Talison.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release, including any information as to Talison's mineral reserve and mineral resource estimates, strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, may constitute "forward-looking information" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, constitute forward-looking information. Forward-looking information can often, but not always, be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words, or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.
Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Talison, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors, estimates and assumptions include, but are not limited to: anticipated financial and operating performance of Talison, its subsidiaries and their respective projects; Talison's market position; future prices of lithium or lithium concentrates; estimation of mineral reserves and mineral resources; realization of mineral reserve and mineral resource estimates; timing, amount and costs of estimated future production; grade, quality and content of concentrate produced; sale of production; capital, operating and exploration expenditures; costs and timing of the expansion of the Greenbushes Lithium Operations; exploration and development of the Salares 7 lithium project; costs and timing of future exploration; requirements for additional capital; government regulation of exploration, development and mining operations; environmental risks; reclamation and rehabilitation expenses; title disputes or claims; absence of significant risks relating to Talison's mining operations; the costs of Talison's hedging policy; sales risks related to China; currency; interest rates, and limitations of insurance coverage. While Talison considers these factors, estimates and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Talison and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risk factors include, amount others, those described in the unaudited condensed consolidated interim financial statements of Talison and the related notes thereto as at March 31, 2012 and for the nine months ended March 31, 2012 and under the heading "Risk Factors" in the annual information form of Talison for the year ended June 30, 2011 dated September 23, 2011, each of which can be found on Talison's SEDAR profile at www.sedar.com. While Talison considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Although Talison has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this press release based on the opinions and estimates of management on the date statements containing such forward-looking information are made. Except as required by law, Talison disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information


Talison Lithium
Frank Wheatley
Executive Director
+1 (604) 985 0528
www.talisonlithium.com

Macquarie Capital
Michael Ashforth
Executive Director
+61 (8) 9224 0644

Macquarie Capital
David Cobbold
Managing Director
+1 (416) 848 3654
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Monday, August 13, 2012

Scientist and inventor joins Ucore Rare Metals

HALIFAX, NOVA SCOTIA--(Marketwire - Aug. 13, 2012) -Ucore Rare Metals Inc (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to announce that Dr. Richard Hammen has been appointed to Ucore's Advisory Board.

Dr. Hammen is the inventor of Solid Phase Extraction ("SPE") technologies for the chemical separation of various materials. SPE is an innovative American technology, developed by Dr. Hammen in cooperation with the EPA and National Science Foundation. Dr. Hammen has been granted multiple US patents for these inventions and most recently has been focusing his research on the development of SPE products for the mining industry as President of IntelliMet LLC, of Missoula Montana.

Dr. Hammen has over 40 years of experience in the field of analytical chemistry. He is a former director of the Analytical Chemistry Laboratory at NASA / Caltech Jet Propulsion Laboratory. He was a founding employee of Vestar Inc., a biotech company started by Cal Tech faculty and affiliates, and former CEO of ChromatoChem Inc and ChelaTech Inc.

Dr. Hammen received a B.S. degree in Chemistry from Stanford University and subsequently a Ph.D. in Organic Chemistry from the University of Wisconsin. Dr. Hammen was a postdoctoral scholar at UCLA, and competed in World Championships on the US National Cycling Team.

"We're honored that a scientist of Dr. Hammen's caliber has agreed to join Ucore on an ongoing basis," said Jim McKenzie, President & CEO of Ucore, "His development of SPE as a uniquely American technology has the potential to significantly improve on traditional rare earth separation processes, and leap frog the United States as a competitive source of HREE's in the international arena. We welcome his addition to the Ucore team."

Background
Ucore Rare Metals Inc. is a well-funded development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE property in Alaska. The Bokan - Dotson ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.

The Bokan property is particularly enriched with heavy rare earth elements, including the critical elements Dysprosium, Terbium and Yttrium. Approximately 40% (by weight) of the rare earth elements contained on the Dotson Ridge property are heavy rare earths elements, as disclosed in the Company's NI43-101 compliant resource estimate, released in March of 2011.

FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Jim McKenzie
Ucore Rare Metals Inc.
President and Chief Executive Officer
(902) 482-5214
www.ucore.com
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Saturday, August 11, 2012

CEO of Brigus Gold happy with Q2 results.

Brigus Gold Reports Q2 Financial Results (bwire)
HALIFAX, Nova Scotia (Business Wire) -- Brigus Gold Corp. (NYSE -BRD ) (TSX: BRD) (“Brigus” or the “Company”) announces results for the second quarter (“Q2-12”) of 2012.
This press release should be read in conjunction with the Company's June 30, 2012 consolidated financial statements and associated Management's Discussion and Analysis (“MD&A”), which are available from the Company's website (www.brigusgold.com) and on SEDAR (www.sedar.com). All dollar amounts are expressed in US dollars unless otherwise specified. All financial results are presented in accordance with International Financial Reporting Standards (“IFRS”).
Key accomplishments for the quarter include achieving gold production of 18,254 ounces, meeting the Company's Q2 production target, and averaging grades of 6.31 grams per tonne (gpt) from the underground mine.
“We are pleased with our results for the first half of the year,” said Wade Dawe, President and CEO of Brigus. “We met our second consecutive production target, underground grades are meeting expectations and cash costs are lower than projected. We are focused on completing development of the underground mine and optimizing production at Black Fox. I am confident that we will continue on this path as operations at Black Fox strengthen through the year.”
Second Quarter 2012 Financial Highlights
  • Gold sales improved by 21% to 18,419 ounces of gold, compared to 15,178 ounces sold in Q2-11.
  • Average realized gold price increased by 5% to $1,543 per ounce compared to $1,463 in Q2-11.
  • Reduced cash costs to $799 per ounce, an 8% reduction in cash costs from Q2-11 which were $865 per ounce and a 7% reduction from cash costs in Q1-12 which were $858 per ounce.
  • Generated cash flow from operations, before working capital adjustments, of $12.6 million, compared to $3.6 million in the same period in 2011.
  • Increased operating margin by 24% to $744 per ounce, compared to $598 per ounce in Q2-11.
  • Generated positive income from operations of $4.7 M, compared to a net operating loss of $2.9 M in Q2-11.
  • Capital additions totalled $16.0 million, consisting of $13.4 million in capital expenditures at Black Fox related to property, plant and equipment and $2.6 million related to exploration and development expenditures.
Consolidated Financial Results
($ thousands, except per share and ounces)   For the three months ended   For the six month ended
 
June 30, 2012   June 30, 2011
June 30, 2012   June 30, 2011
Revenue from the sale of gold
$   28,422
$   17,863
$   54,245
$   31,433
Operating costs
$
23,736
$
20,754
$
46,079
$
37,700
Income (loss) from operations
$
4,686
$
(2,891)
$
8,166
$
(6,267)
Net income (loss) and comprehensive income (loss)
$
416
$
(3,972)
$
5,936
$
289
Basic earnings (loss) per share
$
0.00
$
(0.02)
$
0.03
$
0.00
Cash flows from operations
$
10,407
$
4,055
$
17,328
$
7,470
Gold sales in ounces
 
18,419
 
15,178
 
34,452
 
25,181
Total cash cost per ounce of gold sold
$
799
$
865
$
826
$
969

Second Quarter 2012 Operational Highlights
  • Produced 18,254 ounces of gold, consistent with quarterly production guidance, a 16% increase over Q2-11.
  • The underground mined 36,604 ore tonnes and achieved an average grade of 6.31 gpt, an increase of 19.5% over Q1-12.
  • The open pit mined 192,041 ore tonnes at an average grade of 2.16 gpt, a 119% increase over the ore tonnes mined in Q2-11.
  • The Black Fox Mill processed 178,002 tonnes of ore at an average grade of 3.31 gpt and an average recovery of 96.5%.
  • Continued positive drilling results on the Grey Fox property, including 11.68 gpt gold over 26.0 m from the 147 Zone.

Results from Operations
    For the three months   For the six months ended

June 30, 2012   June 30, 2011
June 30, 2012   June 30, 2011
Metal Sales
Gold (ounces)
    18,419
    15,178
    34,452
    25,181
Silver (ounces)
 
1,191
 
469
 
2,049
 
905
Average realized gold price
$
1,543
$
1,463
$
1,575
$
1,421
Production
Open pit ore tonnes mined
 
192,041
 
87,760
 
412,621
 
117,569
Open pit operating waste tonnes mined
 
1,332,625
 
1,553,069
 
2,659,987
 
1,624,136
Open pit capital stripping tonnes mined
 
691,635
 
712,273
 
1,444,995
 
2,602,724
Open pit overburden tonnes mined
 
-
 
-
 
-
 
293,680
Total open pit tonnes mined
 
2,216,301
 
2,333,102
 
4,517,603
 
4,638,109
Total underground ore tonnes mined
 
36,604
 
30,316
 
71,751
 
39,132
Total tonnes mined

 
2,252,905
 
2,363,418
 
4,589,354
 
4,677,241
Milling
Tonnes milled
 
178,002
 
181,488
 
358,967
 
360,717
Tonnes milled per day
 
1,956
 
1,994
 
1,972
 
1,993
Head grade of ore (gpt)
 
3.31
 
2.86
 
3.17
 
2.26
Recovery (%)
 
96%
 
94%
 
96%
 
93%
Gold ounces produced
 
18,254
 
15,688
 
35,176
 
24,460
 
Total cash costs ($/ounce):
$
799
$
865
$
826
$
969
Operating Margin ($/ounce):
$
744
$
598
$
749
$
452

Outlook
Operations at the Black Fox Mine continue to ramp up and will deliver increased gold production quarter over quarter in 2012. Brigus is forecasting 2012 gold production of 77,000 to 85,000 ounces, at a cash cost per ounce of $775 - $825 as follows:
2012   Low   High   Actual   Cash Costs / ounce
Q1
15,500
17,000
16,922
$858
Q2
18,000
21,000
18,254
$799
Q3
21,500
23,000
 
 
Q4
22,000
24,000
 
 
Total
77,000
85,000
 
 
During the second quarter the Company reviewed its 2012 capital budget. As a result of this review, the Company expects capital development costs in the underground to be $29 million and spending on plant, property and equipment to be $13 million. Capital development in the underground has increased as a result of changes to mining techniques and additional development activity. The original budget for the underground mine called for the use of mechanized cut and fill techniques throughout the mine. In Q1 2012, the Company identified that it would be more appropriate to mine the west side of the mine using long-hole techniques, which require more up-front development, but provide a lower overall mining cost and higher ore recovery rates. Development of the long-hole stope on the west side of the mine is on-going and production from the west side long-hole will commence in Q4 2012. Additionally, an exploration drift was added to the east ramp to facilitate an underground exploration program while enabling definition drilling on existing reserves. Finally, the original mine plan did not include development within the upper workings of the mine which were initially mined from 1997-2001. The Company has recently revisited this area and identified potential new mining zones. In order to mine these zones the Company will require additional up-front capital investment. Increases in the budget for plant, property and equipment also include an upgrade to the electrical system at the mine and improvements to the tailing facilities.
The revised capital budget for 2012 is $60 million, consisting of $29 million related to underground development, $12 million related to open pit capital stripping, $3 million related to Phase 3 overburden removal, $8 million related to mining equipment purchases and overhauls, $3 million for electrical upgrades, $2 million for Grey Fox development, and $3 million relating to the completion of the mill expansion.
The mill optimization program is progressing according to plan and is expected to be completed and in service during the second half of 2012. Processing capacity and recovery will increase through optimization of existing equipment, equipment additions and reduction of production losses. The optimization is expected to increase mill processing capacity by 5-10%, up to 2,200 tpd.
Planning is underway to develop the Grey Fox Mine located on the southeast portion of the Black Fox Complex. The initial resource estimate from this area, announced in December 2011, added more than 50 percent to the gold resource at the Black Fox Complex. Brigus is in the process of expanding the resource and converting Inferred ounces to Indicated ounces through systematic in‐fill drilling. An updated resource estimate will be released in September. Initial engineering studies have also been initiated and will continue through 2012 to determine project economics as well as development and production timelines. A preliminary economic assessment (“PEA”) for Grey Fox will be released in Q4, and will incorporate the new resource.
The Black Fox underground ore body is open for expansion with grades that trend higher at depth. The Company began underground exploration drilling from the east ramp in June with the objective of increasing the reserves and extending the mine life. Exploration drilling with a second underground drill will commence from the west ramp in September.
Second Quarter Webcast and Conference Call
A webcast and conference call will be held Monday, August 13, 2012 at 12 noon Atlantic time (11:00 a.m. Eastern time).
To attend by webcast please visit http://www.investorcalendar.com/IC/CEPage.asp?ID=169112
To attend by phone, dial toll free 1-877-407-8133 (international 201-689-8040) at least 10 minutes prior to the start of the call. No pass code is required.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has granted Cangold Limited the option to acquire a 75% interest in the Company's Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
This news release uses the term mineral “resources”. The Company advises U.S. investors that while these terms are defined in and required by Canadian regulations, these terms are not defined terms under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7 and are generally not permitted to be used in reports and registration statements filed with the SEC. The SEC generally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the ability of the Company to achieve its production, total cash costs, steady state annual production and mining rate estimates; estimated average gold grades for the open pit and underground operations; increase in gold production; increase in profitability; exploration drill results and resource additions, are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking statements include, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the Company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus' most recent Annual Information Form and Management Discussion and Analysis filed under the Company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov as well as elsewhere in Brigus' documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.

Brigus Gold Corp.Jennifer Nicholson, CA
Executive Vice President
Phone: (902) 442-7186
Email: jnicholson@brigusgold.com
or
Katherine Burgess
Manager, Stakeholder Relations
Phone: (902) 442-7184
Email: kburgess@brigusgold.com
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Friday, August 10, 2012

Talison Lithium completes new plant

Talison Lithium Announces Official Opening of Greenbushes Lithium Operations Plant Expansion (ccnm)

PERTH, WESTERN AUSTRALIA--(Marketwire - Aug. 10, 2012) -Talison Lithium Limited ("Talison" or the "Company") (TSX:TLH) is pleased to announce the official opening of the Greenbushes Lithium Operations plant expansion, located in Western Australia.

Over 150 international and local guests and dignitaries including customers, shareholders and local community members attended the official opening ceremony at the Greenbushes Lithium Operations. Guests were addressed by Peter Robinson, Chairman and Pat Scallon, General Manager Greenbushes before undertaking a tour of the mine and processing plants. The expansion was officially opened by the Honourable Terry Redman MLA, West Australian Minster for Agriculture and Food, Forestry, Housing and Member for Blackwood-Stirling.

Enabling growth into the future
Peter Robinson, addressing the attendees said, "Talison was, and remains of the view that lithium will be a major part of the world's new energy future, not just for mobile electronics such as iPads, but electric vehicles, grid stabilisation batteries, and solar storage. The expansion demonstrates Talison's commitment to this belief and provides these new industries with confidence that lithium will be available to support the new energy future."

The Expansion was completed and commissioned in June 2012, doubling Talison's production capabilities to around 100,000 tonnes lithium carbonate equivalent per annum. This equates to nearly two-thirds of current global demand. The Expansion was deliberately designed to be large scale to both provide operational efficiencies and enable Talison to support the needs of the lithium market into the future.

Talison expects to progressively increase capacity utilisation of its expanded chemical-grade concentrate processing plant as the lithium market grows. However, the Expansion also provides Talison with the capacity to respond rapidly to changing conditions in the lithium market.

Peter Robinson continued, "Looking forward to the future, this new expansion will also provide high-quality feedstock for our own plant to produce lithium carbonate for customers in countries including Japan, Korea and Europe. This is the next exciting phase of growth for Talison."

ABOUT TALISON
Talison is a leading global producer of lithium and has been supplying a global customer network from the Greenbushes Lithium Operations in Western Australia for over 25 years. In anticipation of sustained growth in lithium consumption, driven primarily by the secondary lithium battery market, Talison has doubled its production capacity at the Greenbushes Lithium Operations and is advancing several growth projects including a lithium carbonate plant in Western Australia.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release, including any information as to Talison's mineral reserve and mineral resource estimates, strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, may constitute "forward-looking information" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, constitute forward-looking information. Forward-looking information can often, but not always, be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words, or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.
Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Talison, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors, estimates and assumptions include, but are not limited to: anticipated financial and operating performance of Talison, its subsidiaries and their respective projects; Talison's market position; future prices of lithium or lithium concentrates; estimation of mineral reserves and mineral resources; realization of mineral reserve and mineral resource estimates; timing, amount and costs of estimated future production; grade, quality and content of concentrate produced; sale of production; capital, operating and exploration expenditures; costs and timing of the expansion of the Greenbushes Lithium Operations; exploration and development of the Salares 7 lithium project; costs and timing of future exploration; requirements for additional capital; government regulation of exploration, development and mining operations; environmental risks; reclamation and rehabilitation expenses; title disputes or claims; absence of significant risks relating to Talison's mining operations; the costs of Talison's hedging policy; sales risks related to China; currency; interest rates, and limitations of insurance coverage. While Talison considers these factors, estimates and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Talison and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risk factors include, amount others, those described in the unaudited condensed consolidated interim financial statements of Talison and the related notes thereto as at March 31, 2012 and for the nine months ended March 31, 2012 and under the heading "Risk Factors" in the annual information form of Talison for the year ended June 30, 2011 dated September 23, 2011, each of which can be found on Talison's SEDAR profile at www.sedar.com. While Talison considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Although Talison has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this press release based on the opinions and estimates of management on the date statements containing such forward-looking information are made. Except as required by law, Talison disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION PLEASE CONTACT:
Nicole Smith
Talison Lithium Ltd
+1 (647) 343-1992
investorrelations@talisonlithium.com
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