Summit Nanotech and Power Minerals partner in lithium production
by CM staff
Companies partner to produce lithium via joint asset ownership at the Salar de Incahuasi to strengthen global lithium supply to EV manufacturers
Photo: CNW Group/Summit Nanotech.
CALGARY — Summit Nanotech, a lithium extraction technology company, and Power Minerals, a mineral resources exploration company, have entered into a binding term sheet leading toward a joint venture (JV) agreement to accelerate lithium production through shared asset ownership and development at the Salar de Incahuasi in Argentina.
This comes as the lithium market experiences unprecedented growth due to the increasing demand for lithium-ion batteries, particularly in the race to mass produce electric vehicles.
The JV concession at the Salar de Incahuasi is part of an alluvial fan that has brines with lithium concentrations and a low impurity profile. This shallow, clean salar has the potential to contribute to ramping up production of lithium from Argentina and is adjacent to assets owned by Allkem and Ganfeng Lithium.
Power Minerals Managing Director Mena Habib said,
“We are delighted with our proposed relationship with Summit Nanotech to expedite the development of the Incahuasi salar, one of our core lithium brine assets within the Salta Project area,” said Mena Habib, Managing Director, Power Minerals. “Having assessed a range of DLE technology options, we see Summit as the ideal partner to help us unlock and maximise the value of Incahuasi for the benefit of our shareholders. Summit’s combination of leading-edge proprietary DLE technology, which demonstrates excellent environmental and sustainability attributes, and Power’s Incahuasi brines offer the opportunity for the parties to work together to produce commercial-scale volumes of high-quality lithium. We look forward to this being the start of a long and mutually rewarding working relationship with the Summit team.”
Incahuasi salar brines work with Summit’s DLE technology, denaLiTM, which is a patented process that extracts lithium from brine using a proprietary sorbent and water recovery solution.
