ENERGY MINERALS

Petrolithium plans speed up

MGX Minerals (CSE: XMG) and Eureka Resources say they are planning to fast-track “the world’s first commercial rapid lithium recovery system” and commission it at a wastewater treatment plant next quarter.

Staff reporter
 Eureka’s Standing Stone wastewater treatment facility in Pennsylvania

Eureka’s Standing Stone wastewater treatment facility in Pennsylvania

The pair have signed a joint venture agreement, flagged in March, and plan to use MGX's rapid lithium extraction technology on raw oil and gas brines at Eureka's Standing Stone facility in Pennsylvania.
 
The agreement also includes a growth strategy, including increasing lithium output and deploying additional recovery systems to other Eureka facilities.

MGX says its technology greatly reduces the physical footprint and investment needed for large, multiphase, lake-sized evaporation ponds and could be used on oil and gas produced water, natural brine, lithium-rich mine brine and industrial plant wastewater.

The Canada-based company won the S&P Global Platts global metals award for base and specialty metals industry leadership in 2018, for its lithium extraction technology.

Eureka has three plants providing wastewater services for oil and natural gas producers in the Marcellus and Utica shale formations.

MGX shares have ranged from C21.5c-$1.27 over the past year.

They gained almost 23% yesterday but remain near the 52-week low, closing at 27c to capitalise it at $37.5 million.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.