FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Neo Lithium Announces Submission of its Environmental Impact Assessment (“EIA”) for Construction of its 3Q Project.”
Neo Lithium Corp. (TSX-V: NLC) (OTCQX: NTTHF) (FSE: NE2) announced the submission of the Environmental Impact Assessment (“EIA”) for its wholly-owned Tres Quebradas lithium brine project (“3Q Project”) in Catamarca Province, Argentina.
Neo Lithium Corp. has quickly become a prominent new name in lithium brine exploration by virtue of its high quality 3Q Project and experienced team. Already well capitalized, Neo Lithium is rapidly advancing its recently discovered 3Q Project – a unique high-grade lithium brine lake and salar complex in Latin America’s “Lithium Triangle”.
The 3Q Project is located in the Province of Catamarca, the largest lithium producing area in Argentina. The project covers approximately 35,000 ha and the salar complex within this area is approximately 16,000 ha.
The technical team that has discovered the 3Q Project characterized this unique salar complex as one of the most experienced in lithium salars. For example, this team discovered and led the technical work, including resource definition and full feasibility study, that established the Cauchari lithium salar as one of the largest lithium brine resources in the world.
The world is facing a rapid transition from diesel-powered vehicles to electric vehicles (EV). Growing environmental concerns have prompted governments and automotive manufacturers to shift to EVs as a way to combat negative environmental impacts. For instance, the U.S. government offers EV owners a federal tax credit for taking the step towards helping the environment. Moreover, the European Union has implemented regulations in order to limit the amount of diesel-powered vehicles on the road and eventually plans to transition to a fully electric system. A report by the European Environment Agency (EEA) also confirmed that the emission released from EVs are approximately 17% to 30% less than the emissions from petrol and diesel vehicles. The EEA says that EVs are much better for local air quality control due to their zero exhaust emissions at street levels. In addition, EVs are more environmentally efficient because they run on battery packs like lithium-ion battery packs, which are most commonly used within EVs. Lithium-ion batteries are widely adopted because of their high energy density, ability to recharge and environmental efficiency. The growing adoption of lithium-ion batteries for EVs is now causing the lithium market to accelerate rapidly. Furthermore, lithium ion batteries are also being heavily used within the consumer electronics markets for products such as smartphones, laptops, and tablets. The battery segment of the lithium market is expected to be the largest application segment in terms of both volume and revenue. And, according to data compiled by Mordor Intelligence, the global lithium market is expected to grow at a CAGR of 9.33% during the forecast period from 2018 to 2023.
Currently, the consumer portable electronic market accounts for the majority of the lithium market share. However, the increasing demand for EVs is causing a shift. Now, the EV market is expected to become the primary growth driver for the lithium market. Many automakers worldwide have pledged to manufacture and deploy more EVs in light of the growing environmental concerns. Some have even pledged to completely reshape their portfolios to solely EVs. Recent consumer trends in the automotive industry have shown that many EV manufacturers are already seeing increased sales. “The past year has been marked by a flurry of announcements from major auto makers about their plans for the EV market. Should these plans fructify, it represents a mouthwatering potential of 400 models and estimated global sales of 25 million by 2025,” said Sarwant Singh, Senior Partner and Head of Automotive Transportation practice as Frost & Sullivan. “Adopting a common standard for EV charging, leveraging incentives and subsidies and deepening collaboration between car manufacturers and suppliers to promote technology development and economies of scale will provide a platform on which the global EV market can build its future.”
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