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As Lithium Demand Continues to Rise, the Lithium Market Projected to Reach $6.4 Billion By 2028

PALM BEACH, Fla., Feb. 06, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Lithium metal is used in various industrial applications, including the private, consumer, aerospace and defense industries. The aerospace industry, in particular, requires lightweight and high-performance batteries, making lithium metal an attractive choice, thus enhancing the demand for lithium metal. Lithium metal is an essential component of lithium-ion batteries and solid-state batteries, as it is used to create the anode or negative electrode of the battery. Lithium metal has a very high energy density and can store a lot of energy in a small volume and allows for longer run times. Lithium metal batteries currently use graphite as the anode material, which has a limited capacity for storing lithium ions. Lithium metal has 10 times the specific capacity for storing lithium ions as compared to graphite battery. Furthermore, consumer electronics like watches, toys, and remote controls mainly use lithium metal batteries where lithium metal is used as an anode material. Thus, the increasing demand for lithium metal batteries is expected to enhance the market for lithium metal during the forecast period. A recent report from MarketsAndMarkets said that the lithium metal market is projected to grow from USD 2.5 billion in 2023 to USD 6.4 billion by 2028, at a cagr 20.4% from 2023 to 2028. The market has observed stable growth throughout the study period and is expected to continue with the same trend during the forecast period. Active stocks in the mining markets this week include Canter Resources Corp. (OTCPK: CNRCF) (CSE: CRC), LithiumBank Resources Corp. (OTCQX: LBNKF) (TSX-V: LBNK), Rio Tinto Group (NYSE: RIO), Tesla, Inc. (NASDAQ: TSLA), Albemarle Corporation (NYSE: ALB).

The MarketsAndMarkets report added: “Lithium metal is a lightweight, high-energy density, and highly reactive metal, and it can be alloyed with other metals to improve their properties. When lithium is combined with aluminum or magnesium, it forms lightweight alloys that have high strength-to weight ratios and unique properties that make it ideal for use in body structures, particularly in applications where weight and volume are critical factors. The addition of lithium to aluminum increases its strength and stiffness, while also reducing its density. This makes aluminum-lithium alloys ideal for aircraft and drone structures, as they provide improved fuel efficiency, greater payload capacity, and better performance. Thus, the use of lithium metal in alloy making is expected to propel the lithium metal industry.”

Canter Resources Corp. (OTCPK:CNRCF) (CSE:CRC) Advances Drill Plan and Submits Notice of Intent - Canter Resources Corp. (FRA:601) (“Canter” or the “Company”) is pleased to report that the Company has submitted its Notice of Intent (NOI) to the Bureau of Land Management (BLM) for planned work associated with phase I exploration and drilling at the Columbus Lithium-Boron Project (“Columbus” or the “Columbus Basin”), located near Tonopah, Nevada.

The Company’s technical team recently completed a site trip that included engagement with the local BLM office as well as a field review. The recent field trip also included reconnaissance sampling at Columbus and the identification of a potential local gravel source that is expected to reduce road and drill site preparation costs for phase I drilling.

“The filing of our NOI marks another key milestone and step towards commencing our first drillhole and corresponding exploration well to begin testing of the prospective 5 km by 2.5 km target area at Columbus,” commented Joness Lang, CEO and Director of Canter Resources. “We are also finalizing plans to complete a shallow-grid auger drill program that will compliment our exploration well drilling by providing greater lateral coverage and generate valuable near-surface data from the shallowest layer of brine in the basin.”

The Company is advancing its exploration within the Columbus Basin by deploying a comprehensive auger sampling grid. This initiative targets the shallow brine-generating strata, where historical data indicates substantial lithium and boron concentrations. This approach allows for a broad assessment of the basin's mineral potential with minimal environmental impact and refines the geochemical profile of the near-surface brines.

Concurrently, Canter Resources is launching a long-screen well program to explore deeper aquifer systems. Leveraging insights from historical drilling and geophysical data, the program aims to reach depths of up to 300 metres, targeting areas with significant potential for lithium brine deposits. The initial well, strategically sited based on integrated geophysical analysis, is designed to penetrate at least three distinct aquifer systems. The long-screened well technique will enable discrete sampling from these aquifers, enhancing sample quality and data representativeness. Additionally, a second well location has been planned 1 kilometer away to broaden the scope of our exploration efforts.

Building upon these shallow and intermediate exploration phases, Canter is considering the integration of Ambient Noise Tomography (ANT) into its geophysical exploration program. ANT, capable of penetrating depths of up to 2,500 meters, will further enhance the understanding of the basin's deep structure. This deeper exploration layer aims to delineate potential structural traps for lithium-bearing brines at depths previously unexplored, thereby augmenting the precision of subsequent drilling phases at greater depths. By employing this integrated, multi-depth approach, Canter aims to thoroughly evaluate the Columbus Basin's potential across a spectrum of geological strata, from near-surface to deep-seated brine reservoirs. Dirt work and drill site preparation will commence once the Company’s NOI permit is received and approved. CONTINUED… Read this entire release for the Canter Resources at:

Other recent developments in the mining markets include:

LithiumBank Resources Corp. (OTCQX: LBNKF) (TSX-V: LBNK) recently announced the highlights from an updated Preliminary Economic Assessment ("Updated PEA") by Hatch Inc. ("Hatch") for its 100%-owned Boardwalk Lithium Brine Project ("Boardwalk") located in west-central Alberta. The significant difference from the initial PEA ("Original PEA") released in May 2023 was the incorporation of newly licensed continuous Direct Lithium Extraction ("cDLE®") technology from G2L Greenview Resources Inc ("G2L") The G2L technology has numerous advantages over the direct lithium extraction ("DLE") process applied in the original PEA. This update builds upon a lithium carbonate equivalent ("LCE") updated resource estimates at the Boardwalk Project of 395,000 tonnes LCE of indicated and 5.73 million tonnes LCE of inferred resources. The mineral resource update was completed by APEX Geoscience Ltd. ("APEX"). The updated NI 43-101 PEA Technical Report will be filed on SEDAR within 45 days of this announcement.

"We are very pleased to provide an updated PEA which highlights the effectiveness of our newly licensed cDLE® technology from G2L," commented LithiumBank CEO Rob Shewchuk. "Reducing the operating cost by 34% to US $4,588 /t LHM both shortens the payback period to 3.5 years and increases NPV to US$ 3.7B, making our Boardwalk project highly competitive on the world stage. We believe having district scale, 100% owned, unconventional lithium development projects in North America makes LithiumBank a unique investment opportunity. This, along with the combination of substantial LCE resources and the ability to utilize the wealth of experience, data and infrastructure provided by major energy companies in Central Alberta, positions us well for continued success."

Rio Tinto Group (NYSE: RIO) recently said it will drive development of Australia’s largest solar power project near Gladstone, after agreeing to buy all electricity from the 1.1GW1Upper Calliope Solar Farm to provide renewable power to Rio Tinto’s Gladstone operations.

The agreement will bring more renewable power into one of Australia’s most important industrial hubs and marks another step towards Rio Tinto’s climate goal of halving its global Scope 1 & 2 carbon emissions this decade2. If combined with more renewable power and suitable firming, transmission and industrial policy, it could also provide the core of a solution to repower Rio Tinto’s three Gladstone production assets - the Boyne aluminium smelter, the Yarwun alumina refinery and the Queensland Alumina refinery.

Under a new power purchase agreement (PPA) signed with European Energy Australia, Rio Tinto will buy all power generated from the Upper Calliope solar farm for 25 years. The plant will be built and operated by European Energy, at a site about 50 kilometres south-west of Gladstone, pending development and grid connection approvals.

Tesla, Inc. (NASDAQ: TSLA) recently said that in the fourth quarter, we produced approximately 495,000 vehicles and delivered over 484,000 vehicles. In 2023, vehicle deliveries grew 38% YoY to 1.81 million while production grew 35% YoY to 1.85 million. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2023.

Tesla posted its financial results for the fourth quarter of 2023 after market close on Wednesday, January 24, 2024. At that time, Tesla issued a brief advisory containing a link to the Q4 and full year 2023 update, which will be available on Tesla’s Investor Relations website. 

Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company’s website.

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, recently announced that it will release its fourth-quarter 2023 earnings after the NYSE closes on Wednesday, February 14, 2024.

The company will hold a conference call to discuss its fourth-quarter 2023 results on Thursday, February 15, at 9:00 a.m. ET. Access to the call is available via webcast or direct dial. A link to the webcast can be found through Albemarle Corporation's website at Direct dial numbers are provided below:

Participant Toll-Free Dial-In Number: +1 (888) 330-2007
Participant Toll Dial-In Number: +1 (646) 960-0105
Conference ID: 5205664
Participants will need to enter the participant access code before being met by an operator. 

Webcast Details 
Event Title: Albemarle's Fourth Quarter 2023 Earnings Conference Call
Event Date: February 15, 2024
Start Time: 09:00 AM (GMT-05:00) Eastern Time (US and Canada)

Attendee URL:

Encore Dial-In Information
Encore Toll Free Dial in Number: 1-800-770-2030
Encore Toll Dial in Number: 1-647-362-9199
Encore Replay Dates: 02/15/2024 – 02/22/2024 23:59 ET

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates and, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty five hundred dollars for news coverage of the current press releases issued by Canter Resources Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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