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Usha Resources Discusses Benefits of North American Lithium Production in Context of New Chilean Lithium Policy, Nym Lake Acquisition, Closing of Plan of Arrangement
VANCOUVER, BC / ACCESSWIRE / April 26, 2023 / Usha Resources Ltd. ("USHA" or the "Company") (TS...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Discusses Benefits of North American Lithium Production in Context of New Chilean Lithium Policy, Nym Lake Acquisition, Closing of Plan of ArrangementVANCOUVER, BC / ACCESSWIRE / April 26, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(OTC PINK:USHAF)(FSE:JO0) is pleased to provide comments on the recent announcement of the new National Lithium Policy (\"NLP\") in Chile.Electric vehicle (EV) manufacturers are facing a new obstacle in their quest to secure battery materials, as more countries seek to safeguard their natural resources. Mexico nationalized its lithium deposits in 2022, while Indonesia prohibited exports of nickel ore, an essential component of batteries, in 2020. Chilean President Gabriel Boric announced the highly anticipated National Lithium Policy (\"NLP\") on the evening of April 20, 2023. The NLP sets out the blueprint for future exploration and exploitation of lithium resources in Chile with future lithium contracts granted only as public-private partnerships with state control.As one of three countries with free-trade agreements with the United States, the decision to nationalize Chilean lithium and potentially remove it as a supplier further underscores the necessity to develop domestic lithium production within North America, something the Company is aiming to achieve through its Jackpot Lake Lithium Brine (\"Jackpot Lake\") and White Willow Lithium Pegmatite (\"White Willow\") Projects located in Nevada and Ontario, respectively.The Company's flagship Jackpot Lake Lithium Project, where the Company is presently completing its maiden drill program and recently reported the highest drill results at the project (see news release dated April 12, 2023), is being advanced specifically to help address the growing demand for lithium-ion batteries and supporting the global transition to a greener, more sustainable future. By leveraging innovative extraction techniques and environmentally friendly practices, USHA aims to bolster domestic lithium production, reduce reliance on imports, and create local jobs in the Nevada region.Deepak Varshney, CEO of Usha Resources Ltd., stated: \"The Jackpot Lake Lithium Project embodies our steadfast commitment to championing clean energy solutions. By enhancing domestic lithium production capabilities, we will support the rapid growth of the ...