Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has secured an agreement with CRC CARE Pty Ltd (“CRC CARE”) to develop innovative methane reduction technologies to exploit the clay mineral halloysite from the Company’s Cloud Nine project in Merredin, WA.
- Latin Resources has reached a binding agreement with world renowned CRC CARE to research and develop emission reduction technologies, utilising the Company’s halloysite mineral from the Cloud Nine deposit inWA.
- The three year, $3.2M project, led by Professor Ravi Naidu will commence in January 2022.
- Latin Resources intends on funding the project with existing cash, investments, R&D funding and LRSOCoptions.
- The project will focus on modifying Latin Resources’ halloysite/kaolinite minerals to develop material-based emission reduction technologies, including feed supplements for cattle, spreadable material and halloysite shale for inhibiting and absorbing methane.
- The agreement affirms the commitment of Latin Resources to its Environmental, Social, and Governance (ESG) credentials
CRC CARE is an independent organisation that works with end users to perform research, develop technologies and provide policy guidance for assessing, cleaning up and preventing contamination of soil, water and air. Previous collaborators include BHP, Rio Tinto and the Australian Department of Defence. CRC CARE scientists have extensive experience in clay research, leading to environmental products with commercial applications.
Under the agreement reached with CRC CARE, complementary to its current activities that include exploration for halloysite at its 100% owned Cloud Nine deposit in WA, Latin will fund two key research projects running in parallel to the extent of $3.2m over a three year period. The $3.2m is the maximum exposure of Latin over the three year period in terms of the funding of the research projects with payments staggered over the three year period linked to a series of agreed milestone deliverables. Latin has the right to cease funding either or both research projects at any time in the absence of the key deliverables.
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