The Globe and Mail reports
in its Tuesday edition that Canada’s MGX Minerals (XMG:
CNX) is close to completing testing of technology that uses brine from
oil fields aiming to shorten the production of lithium to just one day, says
chief executive officer Jared Lazerson.
A Reuters dispatch to The Globe reports
that hopes for the trial and plans to expand have helped boost MGX’s share
price by more than 250 per cent this month, with its market capitalization
topping $100-million. Lithium, known as white petroleum, is used in
rechargeable batteries needed for mobile phones and electric cars. More than
half of the Earth’s identified sources of lithium are in the “lithium
triangle” of high-altitude lakes and salt flats that straddle Chile,
Argentina and Bolivia. Production there is cheap as the sun evaporates salt pools,
but the process can take 18 months. MGX is instead focused on oil fields, which
Mr. Lazerson says also offer rich terrain. The process it is testing uses oil
field wastewater containing lithium in what Mr. Lazerson says is “an
amazing twist of fate” as it links the traditional fossil fuel sector with
renewable energy. Mr. Lazerson says MGX’s pilot project will be complete within
60 days.
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