Canadian company Condor Energies Inc. announced on Tuesday that the Government of Kazakhstan has awarded it with a license for lithium brine mining in the country covering an area of 37,300 hectares (the “First Lithium License”).
According to the Condor Energies press statement, the Company holds a 100% working interest in the First Lithium License for a period of six years.
A prior well drilled in the First Lithium License for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan.
In addition, Condor had previously entered into a binding purchase and sale agreement for a separate lithium brine mining license (the "Second Lithium License") with the State firm.
A prior well drilled in the Second Lithium License for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre in Devonian and Carboniferous-aged intervals
Lithium is a chemical element that is widely used in the production of lithium ion batteries, drugs for treating mental illness, lubricants, light metal alloys and the space industry.
