NEW YORK, February 2, 2017 /PRNewswire/ --
According to a research conducted by Freedonia Group, the global demand for the lithium metal is projected to rise 8.9 percent per year through 2019 to 49,350 metric tons. In lithium carbonate equivalent (LCE) terms, the value of the global lithium market is projected to reach $1.7 billion. The research focuses on the declarable battery market, which is driven by the demand for electric vehicles, consumer electronics and energy storage systems. Rising production of primary lithium batteries will also support market gains, especially as improving incomes in emerging economies spur shifts to better performing primary batteries. MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN), Panasonic Corporation (OTC: PCRFY), Honda Motor Co Ltd. (NYSE: HMC), Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM)
The data points out that "China is expected to register the world's strongest yearly increases in lithium demand, boosted by a nearly threefold expansion in the country's rechargeable battery segment. Other major suppliers of Li-Ion batteries in the Asia/Pacific region, including South Korea and Japan, are also projected to see robust increases in lithium demand. Strong market gains in India will be driven by ongoing expansion in the country's manufacturing sector. Among other regions, North America is projected to post the fastest gains in lithium demand, buoyed by strong growth in the production of Li-Ion batteries in the US. Li-Ion battery output is also forecast to expand in Western Europe, particularly in Germany."
MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada and the United States. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta as well as petro lithium exploration in Utah. MGX recently released a maiden N.I. 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project, which outlined 8.3 million tonnes grading 43.31% magnesium oxide. In January the Company received a 20-year Mining Lease for Driftwood Creek. Additionally, the Company is the largest lithium brine land holder in Canada, controlling nearly 487,000 hectares of land representing over one million barrels of brine production per day.
Just earlier today, MGX Minerals Inc. announced that, "it has acquired the Lisbon Valley petro lithium project (the "Project") located in the Paradox Basin, Utah. The Project includes 888 placer mineral claims inclusive of lithium brine mineral rights covering the majority of the Lisbon Valley oil and gas field (see Figure 1), where historic lithium brine content has been reported as high as 730 parts per million lithium (Superior Oil 88-21P).
"This recent acquisition in the Paradox Basin is strategic for MGX. These claims cover the majority of the Lisbon Oilfield placing MGX as a major player in oilfield lithium brine in the United States," stated MGX Chairman Marc Bruner.
Geologic Setting - The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, Utah in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan county. The oilfield was first discovered by Pure Oil Company in 1960. The Lisbon field produces oil and gas from the southwest flank of a faulted anticlinal trap in the Devonian sandstones and Mississippian limestones (Segal et al., 1986). The Paradox Basin covers large parts of San Juan, Garfield, Wayne, Emery, and Grand Counties in southeastern Utah. The Basin was a structural and depositional trough associated with the Pennsylvanian-age Ancestral Rocky Mountains. The subsiding basin developed a shallow-water carbonate shelf that locally contained carbonate buildups along its south and southwest margins. The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company, and a natural gas processing plant located in the city of Lisbon, Utah.
Extraction of Lithium from Oil Field Brine - As previously announced, MGX and engineering partner PurLucid Treatment Solutions ("PurLucid") have successfully extracted lithium from oil sands wastewater (see press release dated January 3, 2017). The Company and PurLucid are now preparing for deployment of the pilot plant shortly with commercial scale deployment expected during the second half of 2017.
The pilot plant unit represents fully integrated technology combining MGX's patent pending lithium extraction process, which potentially reduces recovery times of lithium and other valuable minerals from 18 months to one day when compared with conventional lithium extraction, with PurLucid's patented water purification technology, which removes particulate and dissolved material including dissolved and emulsified oil, colloids and heavy metals.
Pilot Plant Optimization Update - Results from pilot plant optimization testing will be released shortly as part of the completion of the pilot plant. Lithium carbonate has been extracted from oil well production waste water at the Company's flagship Sturgeon Lake property. Results are currently under technical review and will be released shortly.
Qualified Persons - The technical portions of this press release were prepared by Dr. Preston McEachern, CEO of PurLucid Treatment Solutions Inc., and have been reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards."
Panasonic Corporation (OTC: PCRFY) displayed a brand new razor-thin silver wafer lithium-ion battery that can be twisted or bent 1,000 times and still uphold 80 percent of its capacity. Panasonic had shown three versions of the new battery at the CES 2017 global consumer electronics and consumer technology tradeshow at Las Vegas. "Our small devices are increasing, like wearables and IoT devices, and the product design depends on battery size," said Panasonic's Assistant Chief of Wearable Energy, Yoriko Yagi. "If we want small devices, we need small batteries."
Honda Motor Co Ltd. (NYSE: HMC) and General Motors Company (NYSE: GM) has created a joint venture company called Fuel Cell System Manufacturing LLC, in order to mass-produce fuel cells for GM and Honda vehicles in Michigan, at an existing GM facility south of Detroit that currently assembles battery packs for GM's hybrids and electric vehicles. "Over the past three years, engineers from Honda and GM have been working as one team with each company providing know-how from its unique expertise to create a compact and low-cost next-gen fuel cell system," said Honda's North America chief, Toshiaki Mikoshiba. "This foundation of outstanding teamwork will now take us to the stage of joint mass production of a fuel cell system that will help each company create new value for our customers in fuel cell vehicles of the future."
Ford Motor Company (NYSE: F) is investing $4.5 billion on electrified vehicles, in a push to offer customers better fuel efficiency, capability and power through Ford's global vehicle lineup by 2020. The company will roll out seven of the 13 global electrified vehicles it plans to introduce in the next five years, including hybrid versions of its F-150 pickup and Mustang sports car in the United States. Ford is withdrawing plans from its $1.6 billion plant in Mexico, and investing $700 million in the growth of its Flat Rock plant.
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