CleanTech Lithium chairman assures that it is business as usual following CEO's resignation
London, UK
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April 16, 2024 07:10 AM Eastern Daylight Time
CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) executive chairman Dr Steve Kesler joined Proactive's Stephen Gunnion after stepping into the role of interim CEO role following the resignation of Aldo Boitano for failing to disclose a loan that used his holding in the Chile-focused group as collateral.
Despite Boitano's resignation, Kesler assured shareholders that the company’s projects in Chile, including drilling, hydrogeology, pilot plant operations, and environmental work, will continue unaffected.
Kesler, with over 30 years of experience in the Chilean mining industry, anticipates a seamless transition. Boitano will continue as a consultant during this transition period, maintaining key relationships. CleanTech Lithium is also preparing for an ASX listing and searching for a new CEO to support this effort.
Kesler said the company has made significant advancements in lithium production, achieving a milestone by producing lithium chloride through their direct lithium extraction process. Current efforts are focused on refining this product at the pilot plant to achieve battery-grade lithium carbonate, which they plan to ship for conversion in Chicago soon. Kesler indicated that substantive discussions with potential off-takers would begin post the completion of the Pre-Feasibility Study (PFS) to demonstrate the resource size and economics.
Regarding market dynamics, despite fluctuations in lithium prices, Kesler said he is confident that CleanTech Lithium's operational costs position them advantageously. They anticipate maintaining profitability under various price scenarios, supported by a cost structure significantly lower than current market prices.
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