Electric Vehicle Production is Expected to Increase Demand for Lithium
NEW YORK, August 29, 2017 /PRNewswire/ --
A report published by Variant Market Research projects that the global Lithium-ion battery market will reach an estimated $56 billion in value by 2024, and growing at a CAGR of 10.6% from 2016 to 2024. Li-ion batteries are now widely implemented as the power or energy source for a wide variety of products, including portable electronics and electric vehicles. Increasing adoption of smartphones, tablets, and digital cameras has contributed to drive the demand of these batteries. A major factor that is already changing the scope of the industry is the increasing popularity of electric vehicles, which are now being developed and sold in emerging markets such as China and India. Southern Lithium Corp. (OTC: SLLTF), Millennial Lithium Corp. (OTC: MLNLF), eCobalt Solutions Inc. (OTC: ECSIF), Lithium Americas Corp. (OTC: LACDF), Panasonic Corporation (OTC: PCRFY).
A recent report by Reuters focuses on the potential of the lithium market due to electric vehicles. Lithium processors prepare to meet demand in era of electric car. Demand for battery-grade lithium compounds is expected to skyrocket in the next decades in tandem with soaring demand for electric cars. Battery makers and other end-users such as car manufacturers will need to sign multi-year deals that encourage large producers to invest more, and faster, industry sources say.
Southern Lithium Corp. (OTC: SLLTF) is also listed on the TSX Venture Exchange under the ticker symbol 'SNL'. Yesterday the company announced, that as per the terms of the joint venture agreement, Southern Lithium has advanced additional funds in the amount of $300,000 to Millennial Lithium Corp. to continue to further the Phase One exploration program at its Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina.
As previously announced, the first hole (CREX 1701) has been completed, results are pending and expected in the near future. Drilling of the second hole (CREX 1702) of the program is in progress. Once the hole has been completed, samples will be shipped to lab for analysis.
The program is being managed in Argentina through Southern's joint venture partner Millennial Lithium Corp. Millennial has engaged HIDROTEC S.R.L., a Salta-based drilling company with extensive experience in drilling and testing salar-hosted lithium brines. Millennial has engaged Mike Rosko of Montgomery and Associates, Inc. a U.S.-based hydrogeological consultancy to provide program guidance and act as the Company's qualified person for reporting results."
Millennial Lithium Corp. (OTCQB: MLNLF) is an emerging exploration and development company with a focus on quality lithium assets located in Argentina. The company recently report that it has been awarded 2,492 hectares of claims from The Salta Provincial Energy and Mining Company. Following consideration of challenges to their technical Committee's recommendation, a final decision was published by REMSA on Aug. 22, 2017 whereby REMSA ratified the recommendation that the Properties, or minerals investigation area, be awarded to Millennial.
eCobalt Solutions Inc. (OTCQB: ECSIF) is committed to providing ethically produced and environmentally sound battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. On August 9, 2017, the company is providing an update on its Feasibility Study and recently initiated pre-construction activities on its 100% owned Idaho Cobalt Project in anticipation of final FS receipt expected later in September. The ICP is the only near term, environmentally permitted and primary cobalt project located in the United States. In 2016 eCobalt commissioned the FS with Micon International Limited and SNC-Lavalin.
Lithium Americas Corp. (OTC: LACDF), through a Joint Venture with Sociedad Quimica y Minera de Chile, is developing the Cauchari-Olaroz brine deposit in Jujuy, Argentina. Through its wholly-owned subsidiary, Lithium Nevada Corp., the company is developing one of North Americas' largest lithium deposits in northern Nevada. On July 5, 2017, the company provided an update on the Cauchari-Olaroz lithium project. On Thursday, June 29, 2017, senior executives from Minera Exar, Lithium Americas and SQM attended a meeting in Buenos Aires with government officials from Argentina, including the President of Argentina, Mauricio Macri, and the Governor of the Province of Jujuy, Gerardo Morales. All parties reaffirmed their commitment to support the development of Cauchari-Olaroz.
Panasonic Corporation (OTC: PCRFY) is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, enterprise solutions and device industries. On April 27, 2017, the company announced that it held an opening ceremony for a new automotive lithium-ion battery factory in Dalian, China. The factory is Panasonic's first automotive battery cell production site in China. Panasonic will further strengthen its global competitiveness in the automotive battery industry by the establishment of production sites in Japan, the United States, and China.
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