Pan Asia Metals has welcomed Thailand's new policy to make the country a regional hub of electric vehicles (EV) in five years.
The policy was revealed by Thailand Deputy Prime Minister Somkid Jatusripitak who is the chairman of the National Electric Vehicle Policy Committee.
Thailand's EV policies have been in the implementation phase for some time, with great success attracting auto and battery manufacturers to manufacture both in Thailand over recent years.
At present more than 10 auto manufacturers are or have committed to manufacturing electric or hybrid vehicles and/or lithium ion batteries in Thailand, including Toyota, BMW and Mercedes.
Pan Asia is uniquely placed
Pan Asia has lithium exploration assets in Southeast Asia and is well positioned to take advantage of the growing EV and LIB (lithium-ion battery) hub in Thailand and growing interest from policymakers in Malaysia.
The company’s three projects in Thailand are:
- The Reung Kiet Lithium Project – Southern Thailand – 100% held.
- The Khao Soon Tungsten Project – Southern Thailand – 100% held.
- Bang Now Lithium Project – Southern Thailand – 100% held.
The Thai government’s new EV policy reinforces earlier policies and the government's support of electric vehicle and battery manufacturing initiatives.
Notably, Chinese auto manufacturer Great Wall Motors' recent purchase of General Motors vehicle manufacturing facilities in Rayong, Thailand is said to be part of Great Wall's global strategy to support the automotive megatrend to EVs.
Pan Asia’s lithium strategy is to establish lithium mining and downstream processing operations that will produce suitable lithium compounds for incorporation into LIB manufacture.
The company is on schedule to lodge a prospectus next month for its initial public offering on ASX.