FinancialBuzz.com: Lithium Demand Affected by the Increasing Popularity of Electric Vehicles

NEW YORK, March 1, 2017 /PRNewswire/ --

According to research conducted by ReportsnReports, the global lithium market is projected to grow at a CAGR of 7.84% during the forecasted period 2016-2020, as a result of a boost from the electric vehicle market. The Americas has the world's largest lithium reserves, primarily in Chile and Argentina. Due to environmental concerns and volatile petroleum prices, consumers are shifting toward EVs. Battery manufacturers are looking for new lithium sources that can provide a long-term supply of high-quality lithium carbonate and are scalable to keep pace with the growing demand. MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN), Tesla Motors (NASDAQ: TSLA), Sociedad Quimica y Minera de Chile (NYSE: SQM), Albemarle Corporation (NYSE: ALB), FMC Corp. (NYSE: FMC) 

The report indicates the important role of the Asian Pacific region. According to the 2016 report, a key growth driver for the lithium market is the demand for EV from China. In 2015, China became the largest market for EV vehicles (plug-in light) with a sale of 214,282 vehicles, followed by Western Europe (184,501 vehicles) and the US (115,263 vehicles). EV market in China is forecast to grow at 27% CAGR, which translates into demand for lithium batteries.

MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN) earlier today announced that, "Staking activities to further expand its petro lithium land position in the Province of Alberta and State of Utah. North American Lithium Portfolio - The Company has significantly expanded its Alberta petro lithium portfolio through the acquisition of additional Metallic and Industrial Mineral Permits ("Permits") covering over 133,000 hectares. The new Permits are located within the Leduc (9,216 hectares), Swan Hills (110,592 hectares) and Nipisi (13,824 hectares) formations.

In total, MGX now holds Permits throughout the Province of Alberta totaling over 600,000 hectares. The Company also has exploration level agreements in place with major oil and gas companies throughout the Province to conduct well sampling. At its Lisbon Valley Petro Lithium Project MGX has also acquired, through staking, an additional 301 mineral claims encompassing 6,020 acres within the Paradox basin of southeastern Utah. The new claims further increase the Company's Lisbon Valley land package to 23,780 acres… MGX also recently announced an earn-in agreement to explore 111 mineral claims in the Cane Creek area of the Paradox Basin.

The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, Utah in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan county. Historic lithium brine content has been reported as high as 730 parts per million lithium (Superior Oil 88-21P). The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company, and a natural gas processing plant.

Qualified Person -The technical portions of this press release were prepared and reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards.

Tesla Motors (NASDAQ: TSLA) Gigafactory will begin mass production of lithium-ion batteries for the use of its Model 3 electric vehicle and energy storage systems. Tesla, collaborating with Panasonic will employ 4,000 workers to begin manufacturing at the factory. According to Tesla's estimates, the company will be producing out 35 gigawatts of lithium-ion batteries per year, which is equivalent to the amount produced globally by next year. This factory is expected to double of the global battery production.

Sociedad Quimica y Minera de Chile (NYSE: SQM) is a producer of potassium nitrate and iodine. The Company produces specialty plant nutrients, iodine derivatives, lithium and its derivatives, potassium chloride, potassium sulfate and certain industrial chemicals. Its earlier in 2016 the company announced that it will increase its lithium hydroxide capacity in Chile from 6,000 metric tons per year to 13,500 metric tons per year. At its current facility near Antofagasta, SQM plans to increase efficiencies bringing the current plant capacity from 6,000 metric tons per year to 6,500 metric tons per year. Additionally, SQM will construct a new plant with a capacity of 7,000 metric tons per year. The estimated investment related to this new capacity is expected to be around US$30 million, and should be completed by the end of next year.

Albemarle Corporation (NYSE: ALB) is a developer, manufacturer and marketer of specialty chemicals across a range of end markets. The Company's Performance Chemicals segment consists of product categories, including Lithium, Performance Catalyst Solutions and Bromine. The Company's Lithium business develops advanced materials for a range of industries and end markets. This January the company announced that it will amend its lithium production rights agreement with the Chilean Economic Development Agency (Corfo), to both extend the term of that agreement and increase the company's authorized lithium quota at its facility in the Salar de Atacama, Chile. The terms of the amendment have been fully reviewed and approved by all applicable Chilean authorities, including both the Comptroller General and the Nuclear Energy Commission.

FMC Corp. (NYSE: FMC) is a diversified chemical company serving agricultural, consumer and industrial markets. The Company operates through three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. October the company announced a new long-term supply agreement with Nemaska Lithium, Inc. Under the agreement Nemaska will provide FMC with 8,000 metric tons per year of lithium carbonate beginning in mid-2018. "This agreement will further diversify our supply sources while fueling our growing production of high quality, specialty lithium products," said Tom Schneberger, vice president and global business director of FMC Lithium. "We look forward to partnering with Nemaska on this important supply arrangement."

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