14 Aug UK lithium mining receives £1 million boost amid growing demand
A British mining company could bring about lithium mining to the UK, establishing the country as a domestic source for the growing demand for the lithium mineral.
Cornish Lithium, a start-up lithium exploration company, has announced that it has received £1million investment from a “group of highly experienced mining and natural resources investors”.
The funds will enable to company to begin exploration activities in Cornwall, England, and collect data as to the feasibility of underground and surface drilling and sampling, in order to determine the best locations for Lithium,
Jeremy Wrathall, CEO of Cornish Lithium, commented: “We are delighted to have secured this investment to commence our exploration programme. We look forward to working with our new shareholders given the wealth of experience they have to offer in the field of natural resources.”
Keith Liddell, a member of the incoming shareholder group, said:
“Given the extensive historic readings of lithium in geothermal brines as well as the recent advances in technology, we see a real potential for lithium production in Cornwall. Combined with the global shift in focus towards electric vehicles and battery energy storage we believe that Cornish Lithium could potentially become a very significant player in the lithium industry in the UK and Europe. We look forward to working with the team in progressing this exciting project through mits exploration and development phases
The area over which Cornish Lithium has obtained exploration rights will realise what is anticipated to be the largest unified exploration programme Cornwall has ever seen.
Cornish Lithium obtained the rights back in January 2017, entering a definitive mineral rights agreement with Strongbow Exploration and Mineral Exploration.
“Cornish Lithium has been set up to explore the potential for a lithium industry in the UK; which would give the country significant strategic advantages in a world increasingly focussed on zero emissions and renewable power,” said Wrathall.
“We believe the potential benefits of developing a lithium industry in Cornwall will be significant for the county and for the UK as a whole,”
With demand for lithium expected to increase rapidly for uses in modern technologies, the UK government has highlighted this strategic mineral as a metal of importance to UK industry.
Demand for lithium from electric car batteries alone is forecast to grow rapidly for the foreseeable future, whilst power storage batteries are also expected to significantly augment this demand.