“There’s only one thing standing between Tesla and world domination,” reports Barron’s, “the global supply of lithium. And that’s good news for lithium producers.” For the company to build up to 30 million EVs by the end of the decade, it’ll need a steady supply of lithium. It’s the reason, Tesla just signed a lithium ore supply deal with Piedmont Lithium. In addition, “Right now, the world mines roughly 400,000 tons of lithium a year, enough to power 2 million to 3 million electric vehicles, though only a third of that goes to EVs right now. That number will have to increase perhaps as much as tenfold to meet Musk’s goal, and that doesn’t take into account other auto makers.” The news is creating plenty of excitement for E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), Piedmont Lithium (NASDAQ:PLL), Millennial Lithium Corp. (OTC:MLNLF), and Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM).
E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF) BREAKING NEWS: E3 Metals Corp., an emerging lithium developer and leading lithium extraction technology innovator, today announced that E3 Metals and Livent Corporation have agreed to an updated development plan to advance E3 Metals’ direct lithium extraction technology.
Both E3 Metals and Livent continue working towards the goal of producing a commercial sorbent and process. Under the Joint Development Project (see news release dated September 18, 2019), the updated plan has set the priority on completing Stage 1 as soon as possible. Once Stage 1 is complete, the process is expected to be demonstrated in a pilot plant. The development work has enhanced the performance on multiple levels, which include improved speed and efficiency of lithium recovery (see news release dated March 11, 2020).
“The first phase of the joint development project is an essential step in initiating a robust and economically viable process for commercializing lithium production from Alberta brines,” commented Chris Doornbos, president and chief executive officer of E3 Metals. “The positive results so far are a function of the joint technical expertise. E3 Metals is committed to demonstrating our proprietary process by constructing and operating a pilot plant.”
Other related developments from around the markets include:
Albemarle Corporation (NYSE:ALB) a leader in the global specialty chemicals industry, announced that company executives will participate in upcoming virtual fireside chats with Robert W. Baird & Co. and Jefferies & Company, Inc. On Wednesday, Oct. 7, 2020, Kent Masters, Chief Executive Officer, Scott Tozier, Chief Financial Officer, and Meredith Bandy, Vice President, Investor Relations and Sustainability, will join a webcast and Q&A hosted by Ben Kallo, Managing Director, Robert W. Baird & Co., to discuss Albemarle’s business strategy with an emphasis on sustainability. On Thursday, Oct. 8, 2020, Eric Norris, President, Lithium, and Dr. Glen Merfeld, Vice President and Chief Technology Officer, Lithium, will attend a webcast and Q&A hosted by Laurence Alexander, Senior Equity Research Analyst, Jefferies & Company, Inc., to discuss the lithium market.
Piedmont Lithium (NASDAQ:PLL) is pleased to announce that it has entered into a binding agreement with Tesla, Inc. for the supply of spodumene concentrate from Piedmont’s North Carolina deposit to Tesla. The Agreement is for an initial five-year term on a fixed-price binding purchase commitment from the delivery of first product, and may be extended by mutual agreement for a second five-year term. The Agreement covers a fixed commitment representing approximately one-third of Piedmont’s planned SC6 production of 160,000 tonnes per annum for the initial five-year term as well as an additional quantity to be delivered at Tesla’s option. The SC6 sales are expected to generate between 10-20% of Piedmont’s total revenues from its proposed integrated mine-to-hydroxide project for the initial five-year term. The Agreement is conditional upon Tesla and Piedmont agreeing to a start date for spodumene concentrate deliveries between July 2022 and July 2023 based on the development schedules of both parties.
Millennial Lithium Corp. (OTC:MLNLF) s pleased to provide an update on its activities at its flagship Pastos Grandes Lithium Project in Salta, Argentina. Despite the restrictions in the country for COVID-19, Millennial has been advancing both pilot ponds and its pilot plant at the project site. In addition, Millennial continues to work with the local Pastos Grandes community and has advanced additional work on the shared community centre/warehouse located in the village as well as the commissioning of the freshwater well and pumping system.
Farhad Abasov, President and CEO commented “Millennial is pleased report that it continues to operate in the Puna region and advance its Pastos Grandes Project with very few delays due to COVID-19. Feed brine in the pilot ponds is concentrating lithium as designed and we have reached 2% Li in several of the feeder ponds. In addition, test work in the pilot plant indicates no leakages in the system and the initial SX testing shows all equipment is in good working order. Testing of other stages in the process is ongoing and we are planning to fully commission the plant in the next few weeks. Millennial remains well funded and continues in its financing efforts to advance development of the Pastos Grandes Project.”
Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM) informs that an extraordinary shareholders’ meeting held on September 29, 2020, approved the payment of a special dividend equivalent to US$0.37994 per share charged to the retained earnings of the Company. Said amount will be paid in its equivalent in Chilean pesos, according to the value of the “Observed Dollar” or “US Dollar” published in the Official Gazette of September 29, 2020. The payment of this dividend will be made to the corresponding shareholders, in person or through their duly authorized representatives, starting at 9:00am on October 8, 2020, to the shareholders who are registered on the shareholders’ registry of the Company five business day prior to the distribution date.
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