URRE Develops Energy Metals Business and Acquires Its First Lithium Property
The nearby Clayton Valley (27 miles southeast) is the site of Albemarle Corporation’s Silver Peak lithium-brine mine; the only lithium brine production facility in the United States, which produces approximately 6,000 tonnes of lithium carbonate annually. The Columbus Salt Marsh is geologically similar to the Clayton Valley, and provides URI with a cornerstone project from which a complete lithium resource portfolio can be built.
About the Lithium Market
Lithium is a critical component for the manufacture of batteries for electrical storage and used in a wide range of devices ranging from cell phones to automobiles. The battery market is expected to grow 500% over the next 10 years, with lithium batteries accounting for 35% of this growth. At the same time, the transportation sub-market alone is expected to experience a 23% compounded annual growth rate during this same period.
With large battery plants such as Tesla’s “Gigafactory” near Reno, Nevada and Faraday Motor Works’ proposed facility near Las Vegas, Nevada – URI’s Nina Project is at the epicenter of lithium brine development, production and consumption in the United States.
Lithium enriched brines are proven to be less expensive to explore for, develop and operate than other sources of lithium, such as lithium rich pegmatites and hectorite clays. This advantage of brines is coupled with a small environmental footprint and minimal carbon emissions, which makes ISR mining of brines an attractive method for producing lithium.
For more on the Lithium Market please go to a new page on the Company’s website at www.uraniumresources.com