Australian company, LithTech, has launched a capital raising programme 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.”
A versatile technology with multiple use cases and market demand
The versatile technology can also be used to sustainably treat mining waste streams/tailing and treat/desalinate wastewater, while in all use cases, the process produces two valuable by-products — hydrogen (clean fuel) and magnesium hydroxide.
Since sharing the independently verified results, the Company says it has received considerable interest from the mining, hydrogen production and water treatment industries.
“We have received an extremely positive response across our network, which shows there is demand in the market for our product.”
The company says its technology presents a strong proposition to potential customers across a variety of industries.
“Our ground-breaking technology has the potential to help the world’s largest mining and industrial processing companies unlock significant profits by increasing production, lowering operational costs through increased efficiencies, creating new revenue streams and reducing emissions.”
The modular units can also be retrofitted onto existing infrastructure or used to construct new plants while also reducing costs through increased efficiencies.
The technology can also help companies achieve significant ESG goals:
The company is now developing its commercial prototype and securing a project to run commercial trials on.