Aug 10 2012
One day soon, lithium-ion batteries could replace combustion engines in most vehicles, and Green Technology Systems (OTCBB: GTSO) mining subsidiary GTSO resources is working to help secure stable, affordable supplies of the critical metal for future demand.
“Chile is a developed economy with established mining infrastructure, which makes it the perfect place to pursue and develop new lithium resources for mining and recycling.”
Since lithium batteries first entered the market in 1993, about 45,000 tons of lithium have been incorporated into these batteries worldwide. As the rise of new technologies requiring lithium-ion batteries—including electric vehicles and Apple products such as the iPad—rapidly increases demand for lithium around the globe, the metal's value has skyrocketed. Luckily, spent lithium batteries can be recycled to reclaim valuable materials.
In the United States and elsewhere, less than 20 percent of lithium batteries are currently recycled. With more and more of these batteries set to hit the market in the coming years, GTSO has a plan to profit on both traditional lithium mining as well as recycling. The company is currently negotiating an agreement with CCI Capital SpA for assistance closing lithium deals in Chile, one of the world's top producers of the element.
"The salt lakes of South America contain about 75 percent of the world's known lithium resources," said GTSO CEO Paul Watson. "Chile is a developed economy with established mining infrastructure, which makes it the perfect place to pursue and develop new lithium resources for mining and recycling.
"The global market for lithium is set to explode very soon, and we plan to grow right along with it," he added.
GTSO plans to present CCI with a definitive agreement in the near future.
GTSO is working to service a fast-growing global appetite for rare and precious metals to compete in an exciting sector that includes International Lithium Corp. (TSXV: ILC.V)and North American Tungsten Corporation Ltd. (TSXV: NTC.V).