LONDON, Aug 14 (Reuters) – British mining company Cornish Lithium has secured 1 million pounds ($1.30 million) to explore for lithium in Cornwall, southwest England, its CEO said, taking the country a step closer to a domestic source of the strategic mineral.
Lithium plays an essential role in electric car batteries, and is produced by evaporation in Latin America, which has been considered the cheapest source. But new technology to extract lithium from brine is helping to make other options more viable.
In January, Cornish Lithium said it had reached a mineral rights agreement with Canada’s Strongbow Exploration. It then said it needed around 5 million pounds to develop its project to extract lithium from underground hot springs and to supply products to the rapidly growing battery market for electric cars and for power storage. Continue Reading →