Apr 26, 2022 (Financial News Media via COMTEX) -- Palm Beach, FL - April 26, 2022 – FinancialNewsMedia.com News Commentary – The race is on to produce more lithium in the United States. The country has the resources and it is going to need them to reach clean energy goals. A recent article from ABCNews noted that the U.S. will need far more lithium to achieve its clean energy goals -- and the industry that mines, extracts and processes the chemical element is poised to grow. But it also faces a host of challenges from environmentalists, Indigenous groups and government regulators. Although lithium reserves are distributed widely across the globe, the U.S. is home to just one active lithium mine, in Nevada. The element is critical to development of rechargeable lithium-ion batteries that are seen as key to reducing climate-changing carbon emissions created by cars and other forms of transportation. Worldwide demand for lithium was about 350,000 tons (317,517 metric tons) in 2020, but industry estimates project demand will be up to six times greater by 2030. New and potential lithium mining and extracting projects are in various stages of development in states including Maine, North Carolina, California and Nevada. The report added: "Nobody really foresaw this huge spike in demand," said Tim Crowley, vice president of government affairs for Lithium Nevada, a subsidiary of a company developing a mine in Thacker Pass, Nevada . "We owned the lithium space for a long time, and we forfeited it to China." Active mining stocks in the markets this week include: Lithium South Development Corporation (otcqb:LISMF) /zigman2/quotes/203008929/delayed CA:LIS +1.01% , Piedmont Lithium Limited /zigman2/quotes/203176788/composite PLL -1.81% , Standard Lithium Ltd. /zigman2/quotes/208666348/composite SLI -2.12% /zigman2/quotes/204508773/delayed CA:SLI +1.85% , Lithium Americas Corp. /zigman2/quotes/206933779/composite LAC -1.44% /zigman2/quotes/202884031/delayed CA:LAC -1.82% , Snow Lake Lithium Ltd. /zigman2/quotes/230850496/composite LITM +0.63% .
"Much of the world’s lithium comes from South America and Australia, and China dominates the worldwide supply chain for lithium-ion batteries. The U.S. produces less than 2% of the world’s supply of lithium, although it has about 4% of the reserves. The largest reserves in the world are in Chile. Expanding domestic lithium production would involve open pit mining or brine extraction, which involves pumping a mineral-rich brine to the surface and processing it. Opponents including the Sierra Club have raised concerns that the projects could harm sacred Indigenous lands and jeopardize fragile ecosystems and wildlife. But the projects could also benefit the environment in the long run by getting fossil fuel-burning cars off the road, said Glenn Miller, emeritus professor of environmental sciences at the University of Nevada. "A domestic source has tremendous value. Then we can do things that only China is doing with production," Miller said.
Lithium South Development Corporation (otcqb:LISMF) /zigman2/quotes/203008929/delayed CA:LIS +1.01% , BREAKING NEWS: Lithium South Drill Program to Begin at Alba Sabrina Claim Block – Lithium South Development Corporation (the "Company") is pleased to announce the initiation of a resource expansion drill program at the Hombre Muerto North Lithium Project (HMN Li Project), Salta, Argentina.
The Company has retained Servicios Geologicos of Salta, Argentina, to conduct a 2,000-meter core hole drill program on the Alba Sabrina claim block. At 2,089 hectares, the Alba Sabrina claim block is the largest of the nine block, 5,687-hectare project. A recent TEM Study (See October 4, 2021, press release) has identified a surficial halite aquifer of approximately 75 meters of depth, with a clastic brine aquifer immediately below. The TEM Study was limited to approximately 350 meters of depth, with the basement rock not confirmed. The drill program will attempt to drill to basement, limited to approximately 700 meters by the depth potential of the drill rig. The drill rig is expected to be located on site within the next two weeks.
Company President, Adrian F. C. Hobkirk is quoted, "We are excited to begin the potential expansion of the high-quality lithium brine resource at the HMN Li Project. In particular, to confirm our expectations that deeper drilling will return significant results." CONTINUED....Read this release for the Lithium South news at: https://www.financialnewsmedia.com/news-lis/
Other recent mining developments in the markets include:
Lithium Americas Corp. /zigman2/quotes/206933779/composite LAC -1.44% /zigman2/quotes/202884031/delayed CA:LAC -1.82% recently announced the Company has submitted a formal application to the US Department of Energy ("DOE") Loan Programs Office ("LPO") for funding to be used at its 100%-owned Thacker Pass lithium project in Humboldt County, Nevada ("Thacker Pass") through the Advanced Technology Vehicles Manufacturing Loan Program ("ATVM Loan Program"). The ATVM Loan Program is designed to provide loans for facilities located in the United States for the manufacturing of advanced technology vehicles and qualifying components used in those vehicles.
“Thacker Pass is a unique, large-scale and advanced-stage lithium project representing one of the most significant opportunities to create a domestic lithium supply chain to support the production of electric vehicles in the US," said Jonathan Evans, President and CEO. "We are pleased to submit our formal loan application and look forward to progressing through the ATVM Loan Program process to accelerate development of Thacker Pass. We are very excited to become a leading supplier of domestic critical materials to support the growth of the domestic battery and electric vehicle industry in response to increased demand and interest from US-based consumers."
Livent Corporation /zigman2/quotes/200042549/composite LTHM -3.35% recently announced it will release its first quarter 2022 earnings on Tuesday, May 3, 2022, after stock market close via PR Newswire and the company’s website at: http://www.livent.com .
The company will subsequently host a webcast conference call on Tuesday, May 3, 2022, at 4:30 p.m. ET that is open to the public via Internet broadcast and conference call.
Internet broadcast: http://www.livent.com .
Dial-in telephone numbers:
U.S. / Canada: (888) 330-2454
International: (240) 789-2714
Conference ID # 4348515
A replay of the call will be available via the Internet and telephone from May 3, 2022 until May 17, 2022.