Benzinga | Jan 11, 2022 06:47AM EST

Comstock's LiNiCo Corporation Receives Tax Abatement From Nevada Governor's Office Of Economic Development

Comstock Mining Inc. (NYSE:LODE) ("Comstock" and the "Company") announced today that its 90% owned subsidiary, LINICO Corporation ("LiNiCo"), an emerging leader in the production of electrification products, including lithium carbonate and graphite, from recycled lithium-ion batteries ("LIB") with its proprietary extraction technologies, received tax abatements from the Nevada Governor's Office of Economic Development.



The $618,836 in tax abatements apply to LiNiCo's first state-of-the-art production facility that is currently being retrofitted and scheduled to commence initial production with a feedstock crushing capacity of over 35,000 tons per year during the second half 2022, with the ultimate facility capacity designed and permitted for over 100,000 tons per year. LiNiCo recently amended its permit application to include its breakthrough lithium extraction and lithium carbonate production processes in Nevada.

In connection with the abatement program, LiNiCo will create at least 30 diverse, well-paying jobs and make $6 million in capital investment within the first two years of operation, resulting in over $4 million in net new Nevada tax revenues.

"We are pleased that the Nevada Governor's Office of Economic Development recognizes and values LiNiCo as a new clean technology business by approving our request for tax abatement," said Corrado De Gasperis, Comstock's Executive Chairman and Chief Executive Officer. "We believe that LiNiCo's pioneering extraction technologies will quickly prove to be the best, most sustainable, and most valuable processes for the production of lithium and other renewable electrification products."

Comstock owns 90% of LiNiCo and 10% of LiNiCo is owned by Aqua Metals Inc. (NASDAQ:AQMS), a cleantech innovator focused on environmentally closed-loop battery recycling.