Australian company, LithTech, has launched its 2023 capital raising program to finance the development of its patented magnesium separation technology that significantly increases the brine extraction of critical raw materials, such as nickel, lithium, cobalt, copper, and natural graphite.
The University of Queensland’s Dow Centre has economically and technically endorsed the technology following successful lab-scale testing, allowing the Company to begin commercialising the technology.
Results from the testing showed the technology has the potential to preserve 90-95% of the lithium during the extraction process, which is significant when compared to traditional methods that achieve 40-45% preservation.
“We are very excited to be launching LithTech today following the successful trials and the backing of the University of Queensland’s Dow Centre,” said LithTech’s Director, David Vinson.
A versatile technology with multiple use cases & market demand
The versatile technology can also be used to sustainably treat mining waste streams/tailing and treat/desalinate wastewater, while in all use cases, the process produces two valuable by-products — hydrogen (clean fuel) and magnesium hydroxide.
Since sharing the independently verified results, the Company says it has received considerable interest from the mining, hydrogen production and water treatment industries.
“We have received an extremely positive response across our network, which shows there is demand in the market for our product.”
The Company says its technology presents a strong proposition to potential customers across a variety of industries.
“Our groundbreaking technology has the potential to help the world’s largest mining and industrial processing companies unlock significant profits by increasing production, lowering operational costs through increased efficiencies, creating new revenue streams and reducing emissions.”
The modular units can also be retrofitted onto existing infrastructure or used to construct new plants while also reducing costs through increased efficiencies.
The technology can also help companies achieve significant ESG goals:
- Advanced magnesium separation delivers cost-effective, sustainable disposal of mining waste & the existing 217trn litres of tailings in storage.
- Low-emissions production of lithium, nickel and other critical raw materials by electrification and reduction of transport and manufacture of raw chemicals.
- Green by-products generated in all use cases, including magnesium hydroxide, can be used as a sustainable flame retardant & hydrogen for clean energy.
- The process can sequester carbon.
- Technology can be used to treat wastewater, which can help third-world countries access affordable, reliable water sources.
The Company is now developing its commercial prototype and securing a project to run commercial trials on.