The eyes of the world were turned to Durban, South Africa this week as the United Nations conference on climate change met with hopes of finding a long-term solution to global warming. The message emerging from the conference was clear: more needs to be done to reduce the emission of greenhouse gases. While a number of different solutions have been floated, one potential technology has a chance to make a real difference: magnesium ion batteries.
The Key to Successful Electric Cars
Electric cars have long been a dream for environmentalists, but the limitations on range created by the current generation of lithium ion batteries makes the current crop of cars less than ideal. However, in January, Toyota Motor Corp. told the press that they were working on a technology that has the potential to solve this problem. Magnesium ion based batteries could have the potential to create electric cars that can travel further on a single charge. With fuel efficiency standards due to continue increasing both in Europe and the United States, the potential for an effective electric car could have ripple effects across the industry.
Magnesium Looks to Remain in High Demand
One offshoot of the magnesium ion battery could be continued high global demand for magnesium. This strategic metal has a number of uses in alloys and electronics, but use in car batteries could help to further boost that demand and continue to bolster a strong global market. As such, the presence of magnesium exploration and development projects like the Tami-Mosi Nevada Property of Molycor Gold Corp. (MOR.TSXV), (MLYFF), (M1V.F) present strong opportunities to harness the growth of magnesium demand. As of 2010, over 80 percent of the world's magnesium production occurred in China. This leaves well-positioned North American companies like Molycor well placed to enter the industry and take advantage currently stunted American magnesium production.