NEW YORK, April 26, 2017 /PRNewswire/ --
A recent report by Global Market Insights, Inc. estimates that the Lithium Ion Battery Market size is forecast to cross USD 53 billion by 2024. The report indicates that, thanks to increasing adoption of portable electronic devices, the demand for lithium ion batteries are increasing. Ionized lithium has higher stability and heat resistance properties, and together with faster recharging efficiency when compared with other available alternatives, these batteries are proven to be effective across a wide range of applications. Low risk of explosion or damage to equipment will further complement the industry outlook. Renewable and grid storage applications will also surpass USD 12 billion by 2024. Bearing Resources Ltd. (OTC: BRGRF) (TSX-V: BRZ), Tesla Motors, Inc. (NASDAQ: TSLA), Panasonic Corporation (OTC: PCRFY), Sociedad Quimica y Minera de Chile (NYSE: SQM), Albemarle Corporation (NYSE: ALB)
The growing adoption of plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs), together with favorable regulations including subsidies and tax rebate, should stimulate the lithium ion battery market share. In addition, renewable and grid energy applications are predicted to witness growth of over 9%, with the increased emphasis on effective storage and use of sustainable sources in developed nations.
Bearing Resources Ltd. (OTCQB: BRGRF) (TSX-V: BRZ) earlier today announced that it has filed a technical report (the 'Technical Report') for the Maricunga Lithium Project. The Technical Report is available on SEDAR and will be posted on the Company website shortly. The Technical Report was prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101')
The Company has entered into a definitive agreement to acquire Li3 Energy Inc. ('Li3') and its interest in the Maricunga Lithium Project (the 'Li3 Definitive Agreement'). Li3 currently holds a 17.7% interest in the Maricunga Lithium Project.
Jeremy Poirier, President and Chief Executive Officer of the Company, commented: "We are pleased to have filed the Technical Report for the historical resource on the property. We are optimistic that this resource, which is based on the work previously done by Li3 back in 2011 and 2012, may expand given the new tenements which were added and drilled subsequent to this resource estimate. While the resource outlined in this report was predominantly defined down to a vertical depth of 150 metres, subsequent drilling released earlier this year was done to 200 metres with one hole testing the depth potential bottomed in high-grade brine at 360 metres. We anticipate delivering this updated resource estimate later this quarter (Q2/17)."
Technical Report Highlights
The Technical Report titled 'Maricunga Lithium Project Region III, Chile' was authored by Don H. Hains, P.Geo who is the qualified person as defined by NI 43-101 and is responsible for the preparation of the report and the technical disclosures therein.
The Technical Report outlined a Measured and Inferred resource on the Litio tenements, which account for 1,439 hectares of the 4,464-hectare total Maricunga tenement package. Solely based on the results from a 2011 exploration program completed by Li3, a Measured resource of 107,850 tonnes of lithium plus an Inferred resource of 10,590 tonnes of lithium, both of which are at an average grade of 1,250 mg/L lithium. A potassium resource was also defined with 776,250 tonnes in the Measured category and 76,320 tonnes in the Inferred category, both of which are at an average grade of 8,970 mg/L potassium. Expressed in more common compounds, the Measured resource totals 574,064 tonnes of lithium carbonate and 1,482,638 tonnes of potash plus an Inferred resource of 56,368 tonnes of lithium carbonate and 145,771 tonnes of potash. Don Hains, P.Geo., who is a technical consultant to the Company and is a qualified person within the context of NI 43-101, has read and takes responsibility for this news release.
Tesla Motors, Inc. (NASDAQ: TSLA) and Panasonic Corporation (OTC: PCRFY) have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory. The Gigafactory will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. According to a blog by the Tesla Team from January 4, 2017, "Finally, bringing cell production to the U.S. allows us to create thousands of American jobs. In 2017 alone, Tesla and Panasonic will hire several thousand local employees and at peak production, the Gigafactory will directly employ 6,500 people and indirectly create between 20,000 to 30,000 additional jobs in the surrounding regions."
Sociedad Quimica y Minera de Chile (NYSE: SQM) is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals. Recently the company reported for the fourth quarter of 2016, reporting net income of US$80.9 million (US$0.31 per ADR) compared to US$44.6 million (US$0.17 per ADR) for the fourth quarter of 2015. Gross profit for the fourth quarter 2016 reached US$204.8 million; higher than the US$118.0 million recorded for the fourth quarter 2015. Revenues for the fourth quarter 2016 totaled US$553.8 million, an increase of approximately 34.6% compared to the fourth quarter 2015, when revenues amounted to US$411.3 million. We entered into an agreement with the Department of Justice and the Securities.
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. On March 16th, the company announced that Talison, a joint venture between Albemarle and Tianqi Lithium Corporation, has approved the expansion of lithium concentrate production at its Greenbushes, Australia spodumene mine. Greenbushes is the world's largest active lithium mine. It has the largest hard rock lithium reserve, and contains the highest concentration of lithium oxide available of any active mine. "This project is integral to our announced lithium expansion plans so that we can meet the growing needs of our customers," said John Mitchell, President, Lithium and Advanced Materials for Albemarle. "The expansion of the mine and ore upgrading facilities is a key deliverable in our supply strategy to grow total combined lithium carbonate equivalent (LCE) production to approximately 165,000 MT/year early in the next decade."
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