Lithium remains a key commodity for the future due primarily to a rising worldwide demand for rechargeable lithium-ion batteries. Used to power many consumer electronics and electric vehicles, the market for lithium-ion batteries is rapidly growing, on pace to reach $46.21 billion in the next five years. To meet this rising demand, leading lithium mining companies such as MGX Minerals, Inc. (CSE: XMG OTC: MGXMF) (MGX Minerals Profile), Albemarle Corp. (ALB), Sociedad Química y Minera de Chile S.A. (SQM), FMC Corp. (FMC) and Galaxy Resources Limited (GALXF) are tirelessly working to find new, cost-effective ways to successfully extract this valuable mineral.
A key player on the lithium mining market, with a proprietary and lucrative extraction method, is MGX Minerals, Inc. (MGX Minerals Profile). MGX Minerals uses an innovative extraction method called petrolithium, under which lithium and other valuable minerals are sourced from petroleum brine water in a faster and more environmentally friendly way than typical extraction methods such as hard-rock mining or solar evaporation. The company was the first to recognize the potential of petrolithium and to implement a business strategy based on this method. With its engineering partner, PurLucid Water Treatment Systems, MGX has patented and patent-pending technology. The company is positioned as…
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