The Lithium Market Sees Demand From Consumer Electronics and Automotive Sector

NEW YORK, March 21, 2017 /PRNewswire/ --

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A report published by Allied Market Research indicates that the Global Lithium-Ion Battery Market size is expected to reach $46.21 billion by 2022, with a CAGR of 10.8% during the forecasted period of 2016-2022. The lithium batteries are rechargeable, and have high energy density, which makes them very suitable to be used in portable equipment. The market for lithium-ion batteries is expected to grow thanks to the increasing popularity of portable consumer electronics such as smartphones, tablets/PCs, digital cameras, and power tools. In addition, the batteries have become known for powering electric vehicles. Scientific Metals Corp. (OTC: SCTFF) (TSX-V: STM), MGX Minerals Inc. (OTC: MGXMF), Albemarle Corporation (NYSE: ALB), Tesla Inc. (NASDAQ: TSLA), Sociedad Quimica y Minera de Chile (ADR) (NYSE: SQM)

According to the report, the lithium-ion battery industry is highly fragmented with the presence of a large number of domestic players that occupy around 60% of the total market share. Recent innovations provide high-efficiency and longer power back-ups enabling the technology to reach a wider spectrum of audiences. As a result, numerous companies are stepping into the market with their innovative products.

ScientificMetalsCorp. (OTCQB: SCTFF) (TSX-V: STM) on February 22nd, announced that, it has entered into an arm's length Earn-In Agreement with MGXMineralsInc. (OTC: MGXMF) pursuant to which MGX has been granted the option to acquire a 50% interest in STM's Paradox Basin Lithium Brine property located in Utah in the western United States.

President of Scientific Metals Corp., Wayne Tisdale commented, "We are pleased to partner with MGX on our exciting petro lithium project in the Paradox Basin. We benefit from being an early mover in the Paradox Basin and securing what we believe to be key ground which historically demonstrated lithium grades. With deep experience and expertise in the oil and gas sector we feel that MGX is the right partner to help explore this exciting new basin. Cementing this joint venture will allow STM to benefit from their Nanoflotation technology that is exclusive to MGX. We look forward to working together to develop our project."

AlbemarleCorporation (NYSE: ALB) announced that Talison, a joint venture between the company and Tianqi Lithium Corporation, has approved the expansion of lithium concentrate production at its Greenbushes, Australia spodumene mine. Greenbushes is one of the world's largest active lithium mine with hard rock lithium reserve containing high concentration of lithium oxide. "This project is integral to our announced lithium expansion plans so that we can meet the growing needs of our customers," said President of Lithium and Advanced Materials for Albemarle, John Mitchell. "The expansion of the mine and ore upgrading facilities is a key deliverable in our supply strategy to grow total combined lithium carbonate equivalent (LCE) production to approximately 165,000 MT/year early in the next decade."

TeslaInc. (NASDAQ: TSLA), in cooperation with Panasonic and other strategic partners, is building a Gigafactory that will produce lithium-ion batteries for considerably less cost using economies of scale, innovative manufacturing, reduction of waste, and the simple optimization of locating most manufacturing process under one roof. Tesla expects to drive down the per kilowatt hour cost of our battery pack by more than 30 percent. The Gigafactory will also be powered by renewable energy sources, with the goal of achieving net zero energy. Tesla designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

SociedadQuimicayMineradeChile (NYSE: SQM) is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals.  Its products are based on the development of high quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 110 countries. SQM's development strategy aims to maintain and strengthen the Company's position in each of its businesses. The leadership strategy is based on the Company's competitive advantages and on the sustainable growth of the different markets in which it participates.

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