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PAGE 110
Click link for the numbers.
https://pubs.usgs.gov/periodicals/mcs2024/mcs2024.pdf
LITHIUM
(Data in metric tons, lithium content, unless otherwise specified)
Domestic Production and Use: Commercial-scale lithium production in the United States was from a continental
brine operation in Nevada and from brine-sourced waste tailings of a Utah-based magnesium producer. Two
companies produced a wide range of downstream lithium compounds in the United States from domestic or imported
lithium carbonate, lithium chloride, and lithium hydroxide. Domestic production data were withheld to avoid disclosing
company proprietary data.
Although lithium uses vary by location, global end uses were estimated as follows: batteries, 87%; ceramics and
glass, 4%; lubricating greases, 2%; air treatment, 1%; continuous casting mold flux powders, 1%; medical, 1%; and
other uses, 4%. Lithium consumption for batteries increased significantly in recent years because rechargeable
lithium batteries have been used extensively in the growing market for electric vehicles, portable electronic devices,
electric tools, and energy grid storage applications. Lithium minerals were used directly as mineral concentrates in
ceramics and glass applications.
Salient Statistics—United States: 2019 2020 2021 2022 2023
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INTERNATIONAL BATTERY METALS LTD.
ANNOUNCES CHANGE OF AUDITOR AND CHANGE TO US GAAP REPORTING
Vancouver, British Columbia, and Houston, Texas – July 12, 2024 - International Battery Metals Ltd.
https://webfiles.thecse.com/international_0712.pdf?0bAkx3DVol8HW_1cOjjZU4uIBFhuALVS
The Company also announces that commencing with its audited financial statements for the year ended
March 31, 2024, it will begin reporting its results and will prepare its financial statements in accordance
with United States Generally Accepted Accounting Principles (“US GAAP”) as opposed to International
Financial Reporting Standards (“IFRS”), which was previously followed. Some prior year information will
be restated in accordance with US GAAP. Such restated information relates solely to the Company’s
transition to US GAAP, and there were no prior material errors, corrections or misstatements in the
Company’s previously issued financial statements prepared in accordance with IFRS. The Company
intends to register its common equity under the United States Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and retain an auditor registered with the Public Company Accounting Oversight
Board (“PCAOB”). The Company’s Former Auditor informed the Company that they have made a formal
registration withdrawal request to the PCAOB.
What Are The 4 GAAP Principles?
https://bidataintel.com/2021/09/4-gaap-principles/
tononclegeorges
7 days ago
Exclusive-In Lithium Industry First, IBAT Commercializes New Extraction TechnologyTop NewsNewsHome
Exclusive-In Lithium Industry First, IBAT Commercializes New Extraction Technology
By Reuters
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July 11, 2024, at 1:02 a.m.
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U.S. News & World Report
Exclusive-In Lithium Industry First, IBAT Commercializes New Extraction Technology
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Reuters
REUTERS
FILE PHOTO: A portable and fully automated direct lithium extraction plant owned by International Battery Metals is seen in Lake Charles, Louisiana, U.S., May 23, 2023. REUTERS/Ernest Scheyder/File Photo
By Ernest Scheyder
HOUSTON (Reuters) - In a milestone for the global clean-energy transition, International Battery Metals has become the first company to commercially produce lithium with a novel type of filtration technology, a step expected to usher in cheaper and faster supplies of the electric-vehicle battery metal.
At a site in rural Utah controlled by privately-held US Magnesium, IBAT started producing this week commercial volumes of lithium at a rate of nearly 5,000 metric tons per year using its version of a direct lithium extraction (DLE) technology.
The breakthrough has not been previously reported.
The company, which developed its DLE plant to be portable, has essentially beaten Standard Lithium, SLB, Rio Tinto, Eramet and others to be first to that mark. Industry investors, analysts and customers have waited years for commercial level output.
With DLE now proven on a commercial scale, it is expected to grow within a decade into an industry with $10 billion in annual revenue by transforming the speed and efficiency of lithium production for EV manufacturers and others, analysts said, much the way that fracking and horizontal drilling helped boost U.S. oil production.
IBAT's method is based in part on technology developed by IBAT's chairman, John Burba, at Dow Chemical in the 1980s. "This is all about boosting the global supply of lithium," said Burba. "We feel like we've hit at a critical time for this industry."
The U.S. Geological Survey estimates that salty brine deposits across Europe, Asia, North America and elsewhere are filled with roughly 70% of the world's reserves of the ultralight metal.
Lithium has historically been produced with evaporation ponds, which are used to extract the metal from those brines, or open-pit mines, which are used to remove it from hard rock deposits. The intensive water use and physical footprint of those methods, as well as their long development and production times, sparked the hunt for a third option.
While DLE technologies vary, they are comparable to common household water softeners and aim to extract about 90% or more of the lithium from brines, compared to about 50% using ponds.
Arcadium Lithium and some others use DLE processes in tandem with ponds, but no DLE technology had previously reached commercial production without them, sparking competition to expand output to the many parts of the world where occasional rainfall makes evaporation ponds impractical.
Many brine deposits have varied chemical compositions, meaning it is unlikely that any single DLE technology - including IBAT's - will emerge as a global standard, analysts have said. Many Chinese deposits have high concentrations of magnesium, for example, and Bolivian deposits - among the largest in the world - have high potassium levels.
Lithium has repeatedly proven difficult to separate from those and other metals often co-mingled with it in brines. That has confounded many scientists working on DLE technologies for years. Lithium is also technically a salt, and can prove corrosive.
The breakthrough for IBAT coincides with a more than 80% drop in lithium prices in the past year, fuelling layoffs at industry leader Albemarle, DLE upstart Lake Resources and others. Still, IBAT plans to build more of its plants and market them for use across the globe.
STRATEGY
IBAT said the company succeeded with hitting commercial-scale production partly due to its relatively small plants.
While rivals have tried for more than a decade to commercialize DLE, their plans involved production volumes of 20,000 tons per year or more at permanent facilities often in remote regions where labor and supplies are difficult to procure.
Houston-based IBAT designed and built a 450-foot-long (137 meter) portable plant in Louisiana that it moved in 13 parts to the US Magnesium site, which draws brine from the Great Salt Lake.
Additional plants can be added and stacked like Lego bricks to boost production in 5,000-ton-per-year increments. It takes 18 months to build an IBAT plant and reach production, the company said.
Each plant, which is smaller than three acres (1.2 hectares), is designed to move in the future to a new deposit for reuse, saving construction costs. IBAT's plant costs $50 million to $60 million each, depending on several factors.
Paris-based Eramet spent nearly $900 million on its own DLE project that aims to come online this year in Argentina after more than a decade of development.
Ron Thayer, president of US Magnesium, said he chose IBAT's process because of its portability as well as the type of adsorption material that IBAT's process uses to filter lithium from brine, which Burba developed.
US Magnesium, which has started selling lithium produced with IBAT's technology and paying IBAT a royalty, considered several rival processes including one from Breakthrough Energy Ventures-backed Lilac Solutions before settling on IBAT, he added.
"I consider (IBAT) a commercial lithium producer," Thayer said
Exxon Mobil, which is developing a lithium project in Arkansas, has considered using IBAT's technology, Reuters has reported.
IBAT's facility aims to recycle more than 98% of the water it uses. Burba has repeatedly flagged the lithium industry's high water use as a structural impediment to DLE commercialization.
That recyclability is key especially in Utah, where officials last year tightened regulations on water extraction from the Great Salt Lake that forced Compass Minerals to abandon its lithium plans.
(Reporting by Ernest Scheyder; Editing by Veronica Brown and Rod Nickel)
Copyright 2024 Thomson Reuters.