Australian company, LithTech
, has launched its 2023 capital raising program to finance the development of its patented magnesium separation technology that significantly increases the brine extraction of critical raw materials, such as nickel, lithium, cobalt, copper, and natural graphite.
The University of Queensland’s Dow Centre has economically and technically endorsed the technology following successful lab-scale testing, allowing the Company to begin commercialising the technology.
Results from the testing showed the technology has the potential to preserve 90-95% of the lithium during the extraction process, which is significant when compared to traditional methods that achieve 40-45% preservation.
“We are very excited to be launching LithTech today following the successful trials and the backing of the University of Queensland’s Dow Centre,” said LithTech’s Director, David Vinson. “We believe we are on track to develop a disruptive technology which will fast track battery grade metal production while generating a higher yield of limited resources.”
Given these results, the Company believes it can help the mining industry increase production and fill the shortages business leaders are concerned may arise from the Chilean government nationalising its lithium industry.
“The International Energy Agency’s Net Zero by 2050 roadmap says the world will need two billion lithium-ion battery electric, plug‐in hybrid and fuel-cell electric light‐duty vehicles. Worldwide reserves stand at approximately 22 million tons, according to the US Geological Survey, which is sufficient to produce just under 2.5 billion batteries but not enough to maintain us for the next hundred years.”
“Given Chile holds an estimated 54% of the world’s lithium reserves, it’s critical we find a means of boosting production, increasing the yield of extraction and preserving this finite resource so manufacturers can produce the batteries needed to supply a carbon-free economy long past 2050.”
“LithTech is one of the first technology companies in the world to provide an avenue to delivering on these goals.”