Growth of Lithium Increases Popularity of Electric Vehicles

NEW YORK, May 4, 2017 /PRNewswire/ --

A new report by Variant Market Research projects that the global lithium-ion battery market is estimated to reach $56 billion by 2024; growing at a CAGR of 10.6% from 2016 to 2024. Lithium-ion batteries are rechargeable and therefore the lithium compound plays a crucial role, acting as an anode. The report indicates that lithium cells can produce voltage from 1.5 V to about 3 V based on the types of materials used. These batteries have a potential to achieve an exorbitant energy and power solidity in high-density battery applications such as automotive and standby power. Bearing Resources Ltd. (OTC: BRGRF) (TSX-V: BRZ), Sociedad Química y Minera de Chile (NYSE: SQM), Lithium Americas Corp. (OTC: LACDF) (TSX: LAC), General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F)

Lithium-ion batteries are now widely implemented as the power or energy source of a wide range of products, from portable electronics to electric vehicles. Increasing adoption of smartphones, tablets, and digital cameras around the world; in addition, the incremental demand for electric vehicles has led to the growth of lithium-ion batteries.

Bearing Resources Ltd. (OTCQB: BRGRF) (TSX-V: BRZ) announced today that, an engineering consultant has been appointed to lead the feasibility study at the Maricunga lithium project.

Through an exhaustive evaluation of bids from a number of well-regarded global engineering firms, the Maricunga joint-venture, has selected Worley Parsons to lead the project design and feasibility study. The contract represents a multi-million award which is fully-funded, along with all other development related expenditures through to the end of 2018, which includes the delivery of an updated resource estimate, process engineering and design, environmental permitting, a Definitive Feasibility Study (DFS) and detailed pre-construction engineering. Bearing has entered into a definitive agreement to acquire Li3 Energy Inc. ("Li3") and its interest in the Maricunga Lithium Project (the 'Li3 Definitive Agreement'). Li3 currently holds a 17.7% interest in the Maricunga Lithium Project.

WorleyParsons is a publicly-listed Australian-based engineering firm (ASX: WOR) with a market capitalization of A$2.8 billion dollars. The company has extensive experience in Latin America with a number of lithium projects, including the expansion of Sociedad Química y Minera de Chile (NYSE: SQM) production from the Salar de Atacama in Chile, from 28,000 tons to 40,000 tons of lithium carbonate per annum. SQM is the world‑leading producer and service provider in three main business areas - specialty plant nutrition, iodine and lithium - where it currently holds approximately one third of the worldwide market share. WorleyParsons also worked on the original feasibility study prepared by Lithium Americas Corp. (OTCQX: LACDF) (TSX: LAC) for their Cauchari project in Argentina.

Jeremy Poirier, President and Chief Executive officer of the Company, commented: "With the milestone award of the lead project engineering firm, the project remains on-track to deliver an updated resource estimate by mid-year 2017 and a Definitive Feasibility Study (DFS) in early 2018."

General Motors Co. (NYSE: GM) produces vehicles in 30 countries, the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. Buick announced in March that the Velite 5, its first extended range electric vehicle (EREV), will come to China shortly. In the coming two years, Buick will also launch plug-in hybrids and pure battery electric vehicles to expand its green lineup.

Ford Motor Co. (NYSE: F) is a global automotive and mobility company based in Dearborn, Michigan. With about 202,000 employees and 62 plants worldwide, the company's core business includes designing, manufacturing, marketing and servicing a full line of Ford cars, trucks and SUVs, as well as Lincoln luxury vehicles. On April 8th, Ford revealed the industry's first pursuit-rated hybrid police car, an all-new Police Responder Hybrid Sedan.  

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