- Write by:
-
Friday, September 18, 2020 - 4:13:12 PM
-
667 Visit
-
Print
Mining News Pro - Cornish Lithium, a start-up hoping to lead the development of an industry for the battery metal in the UK, said on Thursday it had found “globally significant” lithium reserves in hot springs within Cornwall’s historic mining area.
It also noted it was considering another round of crowdfunding, after raising £1.4 million ($1.8m at today’s exchange) through the internet platform in 2019.
Rob Bowell, from SRK Consulting, which provides services to mining and exploration companies, also used the term “globally significant” to refer to lithium grades reported from the deep geothermal waters at United Downs.
“Coupled with the low salinity of the waters, they should be highly amenable to lithium extraction using cutting-edge DLE technology,” Bowell said in the statement. “This is a fantastic opportunity for Cornwall to lead the charge on environmentally-responsible extraction of this critical raw material in Europe and beyond.”
Cornish Lithium recently decided to also begin exploring for other battery metals, such as cobalt and copper.
The junior revealed in 2018 that it needed about £5 million ($6.2m) to go ahead with its plans. Since then, it has secured more than £2m ($2.5m) from private backers and it’s already aiming at listing on the London Stock Exchange by 2022.
Good timing
The timing couldn’t be better. The European Union is currently rebuilding their automotive supply chains around battery metals, and incentivizing the adoption of electric vehicles (EVs).
China, which was originally planning to wean customers away from EV subsidies by 2020, recently announced a two-year extension through the end of 2022.
Cornish Lithium founder Jeremy Wrathall
Beijing made a 10% cut to subsidies this year and also limited the scope of subsidies to EVs costing less than 300,000 yuan ($44,318).
Cornwall is a historic mining district, stretching back to the early bronze age. Copper, tin, zinc, silver and arsenic have all been exploited for centuries.
The area around St. Day and Gwennap was the richest copper-producing region in Cornwall (and the world) in the 18th and early 19th centuries.
Most lithium is produced in South America, Australia and China, but the UK government designated it last year a metal of strategic importance to the country.
Short Link:
https://www.miningnews.ir/En/News/601233
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The world’s largest zinc smelter is planning to significantly expand its copper output, taking advantage of growth ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
No comments have been posted yet ...