During his state of the state address, Nevada Governor Steve Sisolak included a section that addressed the new energy economy. He pledged to work on energy laws, explaining that the state had the opportunity to grow.
The governor also spoke on lithium mining in the state. Lithium is a low-density metal used in rechargeable mobile phone batteries, laptops and electric vehicles (“EVs”) as well as in nonrechargeable batteries for pacemakers and clocks.
In years past, speculators and companies have filed claims to mine lithium in the state, with many dubbing it “a rush.” Developing a lithium mine can be a challenging, costly and long process. However, the former Trump administration gave the green light to the Thacker Pass mine. Tesla also stated that it had secured rights to mine lithium in Nevada while another mining company based in Australia, Ioneer, is going forward with its Rhyolite Ridge project. Additionally, American Battery Technology Company, which is a relatively new company, is considering alternative technologies to be used in extracting lithium and battery recycling.
All of this activity comes at a time when the mining industry is under pressure from all sides. Activists, companies and consumers all want to ensure that mining occurs in a way that is not only responsible but also environmentally sustainable.
In addition to this, the demand for lithium is increasing as car manufacturers work to meet the market demand created by increasing electric vehicle production and governments committed to attaining climate goals by transitioning to electric vehicles. Elected officials from the state of Nevada, including Sisolak, see Nevada playing an important role in securing lithium-supply contracts.
Currently, only one lithium mine exists in Nevada. The mine, located in the U.S. Silver Peak area, is the only active operation and is managed by Albemarle, a global lithium firm. The company had earlier announced its plans to explore clay deposits and double its output of lithium. This comes after the company had announced in 2020 that it would be stalling production at its Silver Peak mine due to a decline is lithium demand as a result of the pandemic. Roughly 60% of the company’s lithium output is directed to electric vehicles while the remaining portion goes into industrial markets.
Albermarle president Eric Norris explained that EVs were driving the lithium market, noting that in 2020, the industry sold out, highlighting the need to increase the supply of lithium in order to meet demand. This, he said, would increase mining activity and exploration.
Away from Nevada, Josemaria Resources Corp. (TSX: JOSE) (OTCQB: JOSMF), a Canada-based mining company, is looking to reap big from its fully owned mining project in Argentina. This mineral-rich property is estimated to have the capacity of yielding 1.16 million ounces of silver, 231,000 gold ounces and 136,000 tons of copper annually for a total of 19 years.
NOTE TO INVESTORS: The latest news and updates relating to Josemaria Resources Inc. (TSX: JOSE) (OTC: JOSMF) are available in the company’s newsroom at https://ibn.fm/JOSMF
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