Business
West High Yield Resources Provides Strategic and Critical Minerals/ Magnesium Market Updates
Calgary, Alberta--(Newsfile Corp. - July 25, 2023) - West High Yield (W.H.Y.) Resources Ltd. (T...
About this update from West High Yield (w.h.y.) Resources Ltd.
[{"type":"text","content":"West High Yield Resources Provides Strategic and Critical Minerals/ Magnesium Market UpdatesCalgary, Alberta--(Newsfile Corp. - July 25, 2023) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (\"West High Yield\" or the \"Company\") is pleased to provide a comprehensive update on major strategic developments shaping the magnesium market. These insights are aimed at keeping the Company's valued stakeholders well-informed about the economic, geopolitical, and industrial trends influencing the sector's growth and future potential and supporting an energy transition to zero-carbon emission.Market Growth ProjectionsThe global metal magnesium market, valued at USD $4.8 billion in 2022, is projected to witness substantial growth, reaching USD$7.25 billion by 2030 (based on Skyquest's Global Magnesium Market Size report) and well-established market trends predating the COVID-19 pandemic. These figures primarily consider direct metal applications, such as iron and steel making, die casting, aluminum alloys, and titanium reduction. It is important to note that these estimates do not account for several secondary, higher-value applications, including extruded foams, structural cladding and fireproofing, medical devices, pharmaceutical applications and supplements, industrial coatings and metamaterials, and other emerging use cases. However, an exciting opportunity is the potential use of magnesium in the energy storage sector, specifically as an alternative to lithium batteries.Advancements in Magnesium BatteriesMagnesium-based batteries have been a topic of research for many years due to their potential advantages over traditional lithium-ion batteries. Magnesium ions have a double positive charge, which theoretically allows a magnesium battery to store almost twice as much energy as a lithium battery of the same size. Moreover, magnesium is more abundant and less expensive than lithium, making it a potentially more sustainable and cost-effective solution.In recent months, there have been several breakthroughs in the development of magnesium-based batteries. Researchers have overcome previous challenges related to the stability and efficiency of magnesium electrolytes, which have historically hindered the commercialization of this technology. New magnesium-based electrolytes have been developed that are stable, non-toxic, and efficie...