Mining company AmeriLithium plans to harness renewable energy from lithium as it takes 43,000 acres of land in Wagin Salt Lakes, Australia to cater to Asia’s booming lithium market.
The massive property was acquired by AmeriLithium from the Hoffmans Hill project, the Bare Rock project, and the Nomans Lake project. These three projects are reportedly filled with brine deposits and have good drainage systems which make it an ideal location for lithium extraction.
Found in the southwest mineral field, the property has high soluble lithium values of up to 530 milligrams per liter of lithium concentration or 5.1 kilograms of lithium carbonater per cubic meter of brine.
The abundant lithium deposits at Wagin Salt Lakes property makes it comparable to the world’s biggest lithium deposits in South America.
Lithium has been known all over the world for its uses in the medical, glass, and aviation industry. It has recently gained popularity for its renewable energy capabilities, being primarily used for making rechargeable batteries for electric and hybrid vehicles.
The market for lithium-ion batteries has markedly grown. Last year alone, Pike Research reported the market is worth $878 million and can further grow to $8 billion by 2015. The United States is currently supporting lithium-ion battery technology through financing $5 billion for the development and incentive program of the lithium-ion battery industry.
Australia’s close proximity to the Asian markets has allowed AmeriLithium to take advantage of Asia’s current need for the manufacture and distribution of lithium.
In Asia, China took up one-third of the lithium demand in 2008. Lithium is being used in applications that require its use, such as cameras, game consoles, laptops, and even hybrid motor vehicles. China has a multi-billion dollar market for lithium which can be used as an opportunity for lithium export.
AmeriLithium chief executive Matthew Worrall says AmeriLithium plays a significant role in discovering the world’s lithium extraction landscape and harnessing renewable energy through working on Australia’s mineral-rich region. The company plans to take advantage of Asia’s demand for lithium through exploring the acquired Australian property.
Australia ranks second in the world as the largest lithium producer. Mining and mineral activity takes up 8 percent of the economy while 40 percent is accounted for by exports. The mining sector is predicted to grow because of Asia’s growing demand for raw materials.
AmeriLithium is a publicly traded (OTC Bulletin Board: AMEL) mining companythat is based in Lake Tahoe Nevada and has a lithium portfolio that spans around 710,000 acres.
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