US lithium mining market poised to grow at a sustainable this year as lithium demand skyrockets.
Lithium is a highly efficient energy storage medium used in virtually all batteries currently powering electric vehicles as well as consumer electronics. Lithium is one of the most important minerals when it comes to the production of electric vehicles. Lithium-ion batteries are light, powerful and take less space than other battery types. Tesla, Panasonic and other car manufacturers in the global lithium mining market are betting big on this mineral.
In 2021 alone, global lithium production was 100,000 metric tons. By 2025, that number is projected to increase to 200,000 million tons. The global energy transition marathon and its demand for electric vehicles sent lithium demand into overdrive in 2022. Prices for the energy-savvy metal surged around the world over the past year, dragging lithium stocks on a bumpy ride. Now, analysts are reporting some more bearish views for 2023.
A recent report from SkyQuest projected that the Global Lithium mining market, which was valued at USD 340 Million in 2021, is expected to reach a value of USD 494.59 Million by 2028, at a CAGR of 5.5% over the forecast period (2022-2028) and that the US Lithium Mining Market is poised to grow at a sustainable CAGR for the next forecast year. It continued saying that there is a growing demand for lithium around the world.
🔥 What about we co-host a webinar? Let's educate, captivate, and convert the battery economy!
Batteries News is the global go-to online magazine for the battery industry, we can help you host impactful webinars that become a global reference on your topic and are an evergreen source of leads. Click here to request more details
A recent report from SkyQues said:
As more carmakers move away from traditional battery types and toward electric vehicles, they will need more lithium-ion batteries in order to power their vehicles.
Active Companies in the markets today include Century Lithium Corp. (OTCQX: CYDVF) (TSXV: LCE), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Standard Lithium Ltd. (NYSE American: SLI) (TSX-V: SLI), American Lithium Corp. (NASDAQ:AMLI) (TSX-V:LI), Rock Tech Lithium Inc. (OTCQX: RCKTF) (TSX-V: RCK).
“Global lithium mining market is forecast to grow significantly in the next decade thanks to increased demand from automotive and battery industries. The strong growth is expected to be driven by several factors, including increasing demand for electric vehicles and growing awareness of the importance of sustainable energy sources.”
“In addition, technological innovations such as new production methods and cheaper batteries are expected to promote the development of the lithium market. The rise of electric vehicles is likely to have the most significant impact on the lithium market. The increasing popularity of EVs is likely to result in a large increase in demand for lithium-ion batteries, which are key components in these vehicles.”
Century Lithium Corp. (OTCQX: CYDVF) (TSXV: LCE) BREAKING NEWS: CENTURY LITHIUM AND KOCH TECHNOLOGY SOLUTIONS COLLABORATE ON Li-Pro™ PROCESS FOR COMMERCIAL DIRECT LITHIUM EXTRACTION – Century Lithium Corp. (Frankfurt: C1Z1) (“Century Lithium” or “the Company”)announce its collaboration with Koch Technology Solutions (“KTS”), a Koch Engineered Solutions (“KES”) company, in the application of the Li-Pro™ process for direct lithium extraction (“DLE”) at Century Lithium’s Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada, USA.
Bill Willoughby, President & CEO of Century Lithium, said:
Century Lithium’s collaboration with KTS and KES has been productive, and we look forward to working together as we broaden our relationship.
“Our DLE process in the Pilot Plant is performing very well and we are excited to work with Koch as we advance the Project.”
In March 2022, Century Lithium purchased a license to the Lionex DLE process (“Lionex”), which KTS subsequently acquired Lionex and integrated it into their Li-Pro™ process. Through an agreement completed February 6, 2023, the companies will work together to evaluate the added features of Li-Pro™ at Century Lithium’s Pilot Plant. With the information obtained, KTS will provide engineering for a full-scale deployment of the Li-Pro™ process for Century Lithium’s Clayton Valley Lithium Project (“Project”) located in Esmeralda County, in west-central Nevada.
Adam Sackett, President of Koch Technology Solutions, said:
Century Lithium has done a great job identifying and validating a world-class lithium resource.
“As the energy transformation accelerates, we are excited to collaborate with them on the path to commercializing Li-Pro™ technology with our expanding set of complementary capabilities.”
As part of the program, certain key components of the Li-Pro™ process will be tested at Century Lithium’s Pilot Plant. KTS will also provide engineering design and costs for the full-scale DLE portion of the processing plant for Century Lithium’s Project.
This program is independent from the Project’s ongoing Feasibility Study and will begin upon delivery of KTS equipment to the Pilot Plant. Century Lithium will fund the study, installation, and operation of the equipment at the Pilot Plant, and KTS will provide training and technical support.
Other recent developments in the markets include:
General Motors Co. (GM) and Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) recently announced they will jointly invest to develop the Thacker Pass mine in Nevada, which is the largest known source of lithium in the United States and the third largest in the world.
Under the agreement, GM will make a $650 million equity investment in Lithium Americas, which represents the largest-ever investment by an automaker to produce battery raw materials. Lithium Americas estimates the lithium extracted and processed from the project can support production of up to 1 million EVs per year.
Lithium carbonate from Thacker Pass will be used in GM’s proprietary Ultium battery cells. Lithium is a key material in lithium-ion batteries and stands up well to repeated charging and discharging (including enabling fast charging), delivers higher energy density, and offers more usable capacity than other battery types.
Standard Lithium Ltd. (TSXV: SLI) (NYSE American: SLI), a leading near-commercial lithium company, recently announced that the United States Patent and Trademark Office (“USPTO”) has issued a Notice of Allowance for Standard Lithium’s third U.S. patent application serial no. 16/895,783 titled “Process for Recovering Lithium from Brines”, This third U.S. patent application is in addition to Standard Lithium’s other two U.S. patent applications for which Notices of Allowance have been earlier issued by the USPTO (U.S. patent applications serial no.16/410,523 and serial no. 16/224/463, both also titled “Process for Recovering Lithium from Brines” see news release November 1, 2022). These three U.S. patent applications comprise a portion of Standard Lithium’s novel and proprietary technique for continuous Direct Lithium Extraction (DLE) from lithium brines.
A Notice of Allowance is issued by the USPTO after examination of a patent application and a determination that a patent should be granted from the application. Standard Lithium anticipates the issue of the formal registration of this third U.S. patent application in the coming months.
American Lithium Corp. (NASDAQ:AMLI) (TSX-V:LI) recently provided operating and financial highlights for the third-quarter ending November 30, 2022. Unless otherwise stated, all amounts presented are in Canadian dollars.
Simon Clarke, CEO of American Lithium, said:
During the quarter, the Company made strong progress and delivered on several key milestones.
“Successful drilling at TLC allowed us to deliver new and expanded resources, forming the foundation for the Company’s maiden PEA announced yesterday.” During the Quarter: Positive drill results at TLC – continued to receive strong drill results from its 2022 drill program as it intersected high grade sections at TLC; Board Appointment – addition of Carsten Korch to the Board of Directors as an independent director based in Lima, Peru.
Rock Tech Lithium Inc. (OTCQX: RCKTF) (TSXV: RCK) recently announced positive assay results of a summer exploration program that identified three new spodumene-pegmatite prospects. The program was completed in the summer of 2022 at its 100%-owned Georgia Lake Lithium project in the Thunder Bay Mining District of Ontario (the “Georgia Lake Project”).
Rock Tech is pleased to announce positive assay results of outcrop samples collected at its 100%-owned Georgia Lake project. The Georgia Lake Project, located between Nipigon and Beardmore, Ontario is comprised of 1,042 hectares of mineral leases and 5,686 hectares of mineral claims.
The samples were collected during an extensive field exploration program that was completed between July and September of 2022. Work included prospecting and mapping of spodumene-bearing pegmatites in areas both proximal to known deposits and in under-explored areas at the Georgia Lake property.
US Lithium Mining Market Poised To Grow At A Sustainable This Year as Lithium Demand Skyrockets, PALM BEACH, Fla., February 9, 2023
