PALM BEACH, Florida, August 9, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Presently, about 35% of the world lithium supply goes to batteries. As more EVs reach production in the future, that percentage is expected to increase dramatically. Fortunately Lithium is one of the most abundant minerals in the world, in brines and in rocks. Many in the industry believe Lithium is one of the materials that won't be replaced within the next 20 years especially since now next generation batteries have stepped their use in lithium. With the continual developments and improvements in solid state batteries, lithium demand is expected to increase in quantity and usage as the need for all things electronic, like smartphones and EVs, is surging and showing no signs of slowing anytime soon. Active stocks in the markets this week include NRG Metals Inc. (TSX-V:NGZ) (OTC:NRGMF). Lithium Americas Corp. (TSX:LAC) (NYSE:LAC), Albemarle Corporation (NYSE:ALB), Sociedad Química y Minera de Chile S.A. (NYSE:SQM), Nemaska Lithium Inc. (TSX:NMX) (OTC:NMKEF).
NRG Metals Inc. (TSX-V:NGZ.V) (OTCQB:NRGMF) BREAKING NEWS: NRG Metals is pleased to report pumping test results for the first 10 inch large-diameter pumping well at the Hombre Muerto North Lithium Project, Argentina. The well is located on the Tramo Claim portion of the project group.
This pumping well was drilled immediately adjacent to our first exploration diamond core hole following the excellent results from the recent sampling that provided assay results of 401 meters of 900 mg/L lithium with very good chemistry as reported in the Company's press release dated June 28, 2018. Together with information from the diamond core drilling program, data from the pumping test will be used to calculate resources and reserves for the project. If warranted, this pumping well can be used for production as part of our fast-track development of the project.
NRG Metals completed a 72-hour pumping test that produced 26 liters per second of brine. The test was limited by the capacity of the pump causing our test to rapidly reach the limits of the pumping equipment and measurement devices at the site. The pumping test was designed and monitored by our independent technical consultants, Montgomery & Associates of Santiago, Chile. Based on these positive initial pump test results, our technical team believes that the well could have significant additional pumping capability. The Company is planning to mobilize additional equipment to run a test with a higher capacity pumping system as soon a possible.
José de Castro, Chief Operating Officer of NRG Metals Inc., commented, "we are very pleased with the results of the pumping test at Hombre Muerto North. These results have removed a significant part of the risk associated with developing a lithium operation. We are seeing exceptionally high grades in clastic host rocks with good permeability, and the brine chemistry is very favorable. The Hombre Muerto North brine is unsaturated and has low sulfate and magnesium ratios. Brine with these characteristics has the potential to evaporate more quickly while using less pond area than would be the case for a typical saturated brine and will require lower consumption of chemical reagents potentially resulting in diminished capital and operating costs."
The project is located n the province of Salta, Argentina at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC's producing Fenix mine and the Sal de Vida development stage project owned by Galaxy Resources Ltd. Galaxy recently drilled a brine pumping well on their property which is adjacent and contiguous to the south of the NRG Tramo claim. Galaxy has also announced it has entered into a letter agreement for the sale of their northern portion of the Sal de Vida project to the Korean lithium producer POSCO for US$280 million ( subject to third quarter POSCO board approval ). The sale includes that portion of the salar which surrounds the NRG Metals Tramo claim. Read this and more news for NRG Metals at http://www.marketnewsupdates.com/news/nrg.html
Albemarle Corporation (NYSE:ALB) reported second quarter 2018 net sales of $853.9 million, earnings of $302.5 million and adjusted EBITDA of $258.6 million. "We saw strength in all three businesses in the second quarter, with each delivering double-digit adjusted EBITDA growth," said Luke Kissam, Albemarle's Chairman, President and CEO. "The company grew adjusted diluted EPS by 28% over 2017, excluding divested businesses. Our lithium capital projects continue to progress on plan. We are confident in a strong 2018 and are raising our guidance for the full year to $5.30 to $5.50 per diluted share."
Nemaska Lithium Inc. (TSX:NMX.TO) (OTC:NMKEF) recently provided a project construction update and development timeline for its Whabouchi Mine and Electrochemical Plant in Shawinigan. Moving forward, Nemaska Lithium intends to issue progress reports in conjunction with its quarterly and annual financial reporting. Guy Bourassa, President and CEO of Nemaska Lithium, commented, "With the project financing structure completed on May 30th, our project construction and planning are on schedule at both locations and construction activities are increasing week by week. I am pleased that we are progressing according to plan and that we are on track to start producing spodumene concentrate in the second half of 2019 with lithium salts production commencing in the last half of 2020.
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