In the latest industry report released by market analyst Fitch Solutions, one can see that lithium development in the EU and the UK’s positive project developments will do well for the EU’s mission to decrease its dependence on critical minerals from China as well as stabilize battery supply chains in the UK.
Fitch highlights that securing strategic materials for the digital and green economy is the main theme for metals and mining this year — and not just in Europe. Just this month, a team of engineers from Penn State developed a fast-charging thermally modulated LFP battery. The lithium iron phosphate battery will provide various advantages to electric vehicle (“EV”) adoption by alleviating any concerns that surrounds an EV’s range per charge. Fitch predicts that there will be an increase in the demand for lithium.
Fitch asserts that the domestic extraction of lithium is required to advance the diversification of the battery value supply chain. The EU is at the forefront of this move, having added lithium to its critical raw materials list last year. The union also has several projects of lithium extraction currently in development, with progress showing that production may begin as early as 2023.
Apart from this, Vulcan Resources, a company whose objective is to become the first producer of zero carbon lithium for EV batteries in the world, also released a prefeasibility study for its lithium project located in Germany that indicates that its lithium resources are not only the biggest in Europe but can also meet Europe’s lithium needs for decades to come.
Vulcan has developed a technique to extract lithium using geothermal power that emits no carbon dioxide, which aligns perfectly with the European Union’s strict climate agenda. Forecasts estimate that production may commence in 2024.
Vulcan’s Zero Carbon Lithium project is expected to generate lithium for roughly a million electric vehicle batteries every year. This, Fitch notes, will strengthen the European Union’s capacity to supply its domestic electric vehicle fleet.
In other news, a $6.4 million investment into Savannah Resources’ Mina do Barroso lithium project by Galp Energia will help move along the project’s schedule by financing its final feasibility study. The project is located in Portugal, which is the biggest lithium producer in Europe. In 2019, the country’s lithium output was 1,200 tons, which made up 1.6% of worldwide production. David Archer, CEO of Savannah Resources, stated that the lithium oxide extracted from its project would be used in electric vehicle batteries.
Additionally, Australia’s Finniss lithium project by Core Lithium is still on course. Production is set to commence in 2022 , which will significantly boost the lithium output of Australia. The country is already the number-one producer of lithium in the world, with data showing that the country produced 54.4% of the global lithium output in 2019.
In addition to lithium projects, a lot of activity is evident in the gold mining segment. For instance, GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) was busy in 2020 while the pandemic raged on. The company announced in April last year that it was acquiring two gold-rich properties in Chile, and in August, the company acquired an additional five properties within the Maricunga Gold Belt located in Chile.
NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF
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