MGX Minerals (XMG: CNX) hunts Battery Lithium in Oil Fields

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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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Symbol Name Price Change % Volume
XMG:CNX MGX Minerals Inc. 1.15 -0.01 -0.86 418,970


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