The September 2026 Brownsville Lithium Refinery Pre-Feasibility Study models a standalone refinery using purchased third-party spodumene concentrate and the Jiangsu process design, with capacity of up to 18,270 tonnes per year of battery-grade Li2CO3 over a 20-year operating life. The model assumes approximately 140,000 tonnes per year of spodumene feedstock, 88% lithium recovery, 86% plant availability and a three-year ramp-up to full capacity. Long-term prices are US$1,170/t SC6 delivered to Brownsville Port and US$20,970/t battery-grade lithium carbonate. Estimated NPV at an 8% discount rate is US$787 million before tax and US$531 million after tax. The pre-tax model reports 21.0% IRR and a steady-state payback of approximately 3.9 years. Estimated capital is US$606.7 million (rounded US$607 million), with the detailed schedule totalling US$606,724,106. The capital summary comprises US$380.7 million direct costs, US$113.0 million project indirect costs and EPCM, US$11.0 million owner's cost contingency and US$102.0 million LU7 contingency. The study describes approximately US$130 million of contingency overall, including retained cold-climate infrastructure allowances of approximately US$18 million. Estimated sustaining capital is US$5 million per annum. Steady-state Li2CO3 conversion all-in sustaining cost is US$3,566/t excluding spodumene; total estimated operating cost is US$12,148/t including US$8,582/t of spodumene feedstock. At full capacity, modelled annual revenue, operating costs including feedstock and EBITDA are approximately US$383 million, US$222 million and US$161 million respectively. The PFS is a Class 3 estimate with nominal accuracy of -30% to +30%; the earlier Bécancour capital framework cited in the study had an expected accuracy of -15% to +20%. The financial model includes US$3.7 million working capital, 21% US federal corporate income tax and approximately 0.75% Texas franchise tax on taxable margin; potential government incentives, refundable tax credits, grants and concessional financing are excluded. Funding of approximately US$620-650 million would likely be required. No financing arrangements are in place, and there is no certainty the funds can be raised when needed; funding could dilute shareholders or involve sale, partial sale or a joint venture. Outcomes depend on the study assumptions, funding and site availability and are not assured. Long-term site tenure remains subject to land option contingencies. Feedstock supply already arranged remains subject to the supplier's successful start-up and planned operating performance, with the remaining balance to be secured from additional producers. The proposed circuit receives and prepares spodumene, calcines it in a rotary kiln with cyclone pre-heaters, treats calciner off-gas through cyclones and an electrostatic precipitator, then indirectly cools and dry-mills the calcined material. Sulphuric-acid mixing and sulphation in an indirectly heated kiln, with wet off-gas scrubbing, precede cooling, leaching, impurity removal, thickening and belt filtration of residues. Lithium-bearing liquor undergoes polishing sand filtration and ion exchange, then sodium-carbonate crystallisation, thickening, centrifugation and washing. Further purification re-slurries the crude carbonate in demineralised water, carbonates it to soluble bicarbonate, filters it and uses steam heating to recrystallise lithium carbonate while recycling CO2. Centrifugation, rotary drying, air micronisation, pneumatic transfer and bulk-bag packaging finish the lithium product. Process liquors also undergo vacuum evaporative crystallisation to recover sodium sulphate, followed by drying, screening and packaging.
- Country
- United States
- Commodity
- Li
- Stage
- Pre-Feasibility