Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Volt Lithium (TSXV: VLT) said on Wednesday it has successfully produced battery-grade lithium carbonate from its US field operations located in the Permian Basin in West Texas.
Volt has been operating its proprietary direct lithium extraction (DLE) system in the field since September 17, when the company achieved its first lithium production.
According to the company, samples of lithium carbonate have been created and verified via third-party testing for review by potential offtake partners.
Volt said it will continue to produce lithium chloride concentrate, as well as technical-grade and battery-grade lithium carbonate, in the field for the remainder of 2024.
“Successfully producing battery-grade lithium carbonate from the Permian is another significant milestone that Volt has achieved this year,” CEO Alex Wylie said in a statement, adding that “Volt Lithium is on track to become one of North America’s first commercial producers of lithium from oilfield brine.”
Volt’s DLE approach involves a two-stage process. The first stage focuses on removing contaminants from the brine before extraction. In the second stage, the breakthrough in their technology came with the development of specialized ion exchange beads, the company said.
“Unlike traditional beads, our innovative creation boasts a size of five microns and an impressive 800 times the surface area of other industry-standard beads, enhancing extraction efficiency,” Wylie told The Northern Miner in 2023.
This advancement, he said, allowed the team to consistently extract lithium from brines during various testing stages, including successful pilot projects.
The company aims to ramp up commercial production to 100,000 barrels per day of brine during the second half of 2025.
Volt’s shares were up 6% in Toronto on Wednesday morning, bringing the company’s market capitalization to approximately C$63 million ($45.5 million).
