Shares of US mining company Compass Minerals strengthened significantly after the company announced the discovery of a giant lithium ore deposit. And right in their fields in the state of Utah.
In total, there are about 2.4 million metric tons of Lithium Carbonate Equivalent (LCE) in the evaporation fields for lithium recovery. The company’s shares responded with the growth of more than 17 percent and slightly exceeded the $ 70 mark.
The company, which uses evaporation technology to produce mainly salt, plant nutrients or magnesium chloride, said the rich source of lithium is located in the immediate vicinity of the Great Salt Lake in Utah.
Compass Minerals first announced that around 127,000 tons of LCE are located in one of its active fields. She later added that another about 2.3 million tons of LCE are nearby. The company originally wanted to increase its annual production to 20 to 25 thousand metric tons of LCE. That is likely to change now. And it will probably adapt to this the technology of recovering lithium, which so far it has also obtained by evaporation. According to Reuters, it is considering contacting a supplier of technology for the direct extraction of strategic raw material from mined ore.