Business
International Battery Metals to Begin Commercialization
HOUSTON, Feb. 7, 2023 /CNW/ - International Battery Metals Ltd., (the "Company" or "IBAT") (CSE: IBAT) (OTC: IBATF) (FSE: 8RE), the fastest lithium producing co
About this update from International Battery Metals Ltd
[{"type":"text","content":" HOUSTON, Feb. 7, 2023 /CNW/ - International Battery Metals Ltd., (the \"Company\" or \"IBAT\") (CSE: IBAT) (OTC: IBATF) (FSE: 8RE), the fastest lithium producing company, today announced it will have access to substantial, highly desirable lithium brine reserves in Argentina through a partnership. The partnership gives International Battery Metals, Ltd. (\"IBAT\" or the \"Company\") access to a portfolio of prospective lithium brine concessions, including 140,000 acres in the Argentinian province of Catamarca, often referred to as \"the heart of the lithium triangle.\" The agreement enables IBAT to begin placing and using its processing technology, which was designed for the purpose of rapidly commencing onsite production. Garry Flowers, IBAT's Chief Executive Officer, described the partnership as \"an incredible opportunity to begin recovering lithium using IBAT's groundbreaking technology.\" IBAT's ability to recover lithium is greatly expedited due to: Superior recovery rate that is at least 50% better than industry average, resulting in fast recovery as well as a greater quantity of lithium recovered The configurable nature of the technology which reduces the plant construction and permitting process by 3 to 8 years The modular nature of the technology which is pre-built, shipped in modules and can be quickly deployed in less accessible locations such as the province of Catamarca, Argentina All of these factors equate to fast start-up with reduced extraction and processing costs. The agreement represents IBAT's initial commercial venture in Argentina operating its innovative and patented lithium plant technology. The partnership with Ensorcia Metals Corporation entitles IBAT to receive revenues in the form of ongoing fees, royalties, as well as a percentage of profit for use of the extraction plant. IBAT's processing plant is an exceptionally sustainable, proprietary form of DLE (Direct Lithium Extraction) technology that is expected to greatly minimize environmental impact. This benefits both the local communities who shepherd the land, and the business partners involved. IBAT's technology is safe, carbon-friendly, does not require the use of chemicals, does not produce chemical by-products, does not require the constant use of freshwater, and recycles 94% of any water intake. \"Efficient, high yielding, and clean tec...