ZURICH, SWITZERLAND / ACCESSWIRE / January 23, 2017 / Canada's largest lithium brine permit holder, MGX Minerals Inc. (CSE: XMG), today announced the formation of PetroLithium Corp. of America with the mandate of acquiring oil field lithium assets (including brine, oil wells, and existing oil and gas infrastructure) for the purpose of producing lithium carbonate and other valuable minerals from oilfield brine.
Staking and oil well acquisition activities in lithium brine bearing areas of Utah have commenced. Acquisition and exploration activities are expected to commence shortly in Colorado, Texas, and Arkansas. All these states have significant past and current oil production associated with areas of enriched minerals including sodium, calcium, magnesium, potassium, boron, bromine, and lithium.
MGX recently reported the extraction of lithium from oil wastewater in Alberta, Canada using its patent pending process for the extraction of lithium and other valuable minerals from oil brine. It is the only patent of its kind providing for the rapid extraction of lithium and other valuable minerals from oilfield brine.
The treatment of oil wastewater offers significant revenue potential and environmental benefits, in addition to mineral extraction, as the processing removed all suspended solids, including 99.7% of hydrocarbons and 99.9% of silica and other scale-forming minerals.
For example, increasing the value of a barrel of oil on stripper wells, which are producing only 10 barrels per day, has the potential to revolutionize the oil industry. If MGX's technology stands up and the company acquires properly, a quasi-monopoly would emerge. This is how Howard Hughes and J. Paul Getty were successful; they were able to drill deeper and more efficiently than anyone else, but instead of selling the technology, they used it to beat competition and monopolize large areas of production in the US, which is what MGX basically proposes to do.
With its engineering partner, PurLucid Treatment Solutions Inc., MGX expects the deployment of a pilot plant in Alberta shortly. According to today's news, commercial deployment is expected in the second half of 2017 and off-take negotiations are underway.
The full report can be accessed with the following links:
English (PDF): http://rockstone-research.com/images/PDF/MGX15en.pdf
English (web version): http://rockstone-research.com/index.php/en/research-reports/2346-Total-Convinction:-MGX-forms-PetroLithium-Corp.-to-expand-into-the-US-oilfield-brine-markets
German (PDF): http://rockstone-research.com/images/PDF/MGX15de.pdf
Disclaimer: Please read the full disclaimer within the full research report as a PDF as fundamental risks and conflicts of interest exist.
SOURCE: Rockstone Research