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.
In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer