The Kidman Resources Ltd (ASX: KDR) share price has tumbled almost 7% lower to $1.28 in Tuesday afternoon trade.
This morning the lithium miner announced that its Covalent Lithium joint venture has completed an integrated pre-feasibility study for the Mt Holland Lithium Project.
Although the study has confirmed the compelling business case for an integrated mine-to-refinery project producing refined, battery grade lithium hydroxide, investors appear to have been expecting an even stronger case.
Kidman's CEO and Managing Director, Martin Donohue, said: "We committed to completing the IPFS for the Mt Holland Lithium Project before the year end and are pleased to have achieved this target. The study provides further support for the attractive economics of our long-life, vertically-integrated lithium hydroxide project. Importantly, with the forfeiture issue now settled, funding secured through to final investment decision and strong progress on our lithium hydroxide offtake agreements, we continue to make good progress towards development of this globally significant project."
The Kidman Resources share price has fallen 31.4% since the beginning of the year, while the S&P/ASX 200 Index has fallen roughly 7.34%.
