A mining company has been given permission by the Queen’s £14.1billion Crown Estate business to start exploration for lithium in the geothermal waters of the Cornish coast.
, one of the firms prospecting for the valuable mineral in the Duchy, has been handed permission to study the undersea off Cornwall’s north and south coastlines.
The Crown Estate is an independent commercial business which manages a £14.1billion portfolio of land belonging to Elizabeth II including the seabed and much of the foreshore around England, Wales and Northern Ireland.
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The business, which pays its entire net revenue profit to HM Treasury for the benefit of the nation, works closely with the Government, industry and stakeholders to optimise the potential of the seabed to create value, including driving green growth.
Its latest Minerals Licensing Round has granted Cornish Lithium rights to explore for lithium, a key component of lithium-ion batteries used for electric vehicles and renewable energy power storage.
As such, the mineral has a valuable role to play in helping the 海角视频 to meet its ambitious climate change targets. The 海角视频 currently imports lithium, and its environmentally-responsible production in the 海角视频 would represent an important step forward in combating climate change.
The award of rights follows a comprehensive two-year tender process, started in 2018, and an environmental assessment known as a plan-level Habitats Regulations Assessment (HRA) that concluded in December 2020.
It gives Cornish Lithium the opportunity to explore offshore for potential lithium mineral resources contained within geothermal waters.
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The grant of rights means that Cornish Lithium can now begin its desk-based exploration programme, to start to identify potential geological targets for later research.
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Physical exploration works are not anticipated for at least four years, following the appropriate desk studies, design works and extensive consultation.
In order for Cornish Lithium to proceed to commercial extraction the business will need to meet all the milestones required for extraction rights from The Crown Estate, as well as statutory planning and environmental consents from the relevant regulatory body, which would include consultation.
Whilst exploration work for lithium in geothermal waters is at an early stage, lithium extraction has significant potential to create new revenue and jobs within a new industry for the benefit of Cornwall, Cornish Lithium said.
Nick Everington, portfolio manager at The Crown Estate, said: “Lithium has an important and exciting role to play in helping unlock an electric economy and deliver the 海角视频’s commitment to net zero carbon emissions by 2050.
“Following a robust tender process for rights to explore for minerals off the coast of Cornwall, we are pleased to award these initial rights to Cornish Lithium for exploratory works.
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“This is a further example of The Crown Estate’s role as managers of the 海角视频’s seabed to help unlock the sustainable and coordinated use of our world-leading marine resources.”
Jeremy Wrathall, chief executive and Founder of Cornish Lithium, said: “The grant of the rights to explore parts of offshore Cornwall for lithium in geothermal waters is a great opportunity for Cornish Lithium, Cornwall and the wider 海角视频.
“Minerals are going to play a key part in the transition to net zero emissions and a decarbonised economy. Lithium exploration in the 海角视频 is strategically important for our ability to meet the ambitious climate change targets set out by the 海角视频 Government.
“Our exploration work across Cornwall has indicated that the geological structures containing lithium-enriched geothermal waters continue offshore, and we are therefore delighted to have secured rights to explore these structures in areas owned by The Crown Estate.
“The opportunity to produce lithium from geothermal waters in Cornwall, using a low impact and environmentally responsible process, offers great potential for the establishment of a new industry in Cornwall.
“Having undergone a rigorous tender process, we are delighted to be working closely with The Crown Estate going forward as we start our desk-based exploration phase and apply knowledge gained from onshore exploration activities to these new licenses.”