The technology is housed in a self-contained unit and takes the lithium chloride feed produced by the company’s existing direct lithium extraction (DLE) demonstration plant.
The new exploration rights form a continuous block on the southwest border of Ivanhoe's existing Platreef mining rights at Turfspruit and Macalacaskop.
Sumitomo wants to start making materials for a cheaper type of battery -- containing no nickel -- that’s poised for global popularity after storming the world’s top EV market, China.
The financial chiefs of First Quantum Minerals and Lundin Mining noted a shifting trend on costs for mine supplies during their third-quarter earnings calls.
The South Korean company reiterated its target of tripling revenue in North America in five years, with the EV market there forecast to see compound annual growth rate of 33% by 2030.