08:14 AM EDT, 10/22/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) said Tuesday that it initiated engineering, procurement and construction management services for its flagship Bandeira lithium project in Brazil.

The company said the milestone marks the transition to the construction and development phase of the project and is a key step towards production. Lithium Ionic ( LTHCF ) said it awarded Hatch engineering and design services while Reta Engenharia will provide construction management services for the project.

"This significant milestone marks an important step towards our goal of becoming one of Brazil's next major lithium producers," Lithium Ionic ( LTHCF ) CEO Blake Hylands said. "On the permitting front, we are now in the final stages at both the national and state levels, putting us firmly on track to deliver on our commitment of building a sustainable and economic lithium mine that will contribute to the region's growing significance in the global lithium supply chain."

Lithium Ionic's ( LTHCF ) share price fell 3.5% yesterday to $0.82 on the TSXV.