Anson Resources Share Price Shoots Up After Lithium Experiment Works
Anson Resources Ltd [ASX:ASN] has had a big gain over the past trading session, shooting up 31.6% in a single day.
What caused Anson Resources’ share price to rise?
This is a result of a successful technology experiment that demonstrates their ability to produce battery grade lithium.
Lithium is a crucial element in lithium-ion batteries.
You find these batteries in a range of technology products and they are being explored for use in sustainable energy storage.
One of the big problems encountered with sustainable energy is that if you have too much of it, it is hard to keep for later.
South Australia for instance, is struggling to keep energy prices down amid problems with its push towards sustainable energy.
Former Tesla chairman, Elon Musk famously offered a fix for South Australia by building a massive lithium-ion battery in the north of South Australia.
And Anson stands to profit from these types of batteries as production demand ramps up.
Major lithium project
As you can see, Anson has a huge project in Utah where they are about to start mining high grade lithium.
The CEO of Lilac Solutions who carried out the test on Anson’s Brine Project said that:
‘High purity lithium hydroxide was produced from the Cane Creek brine and Lilac remains on track to produce battery grade products from Anson’s lithium rich brines.’
A recently released report highlights how the process works:
‘Lilac’s production process uses a newly developed technology that extracts only the lithium from the brine using an adsorption methodology. Lilac has been conducting test work on the Paradox Lithium brine since July 2018.’
As a result of increased interest in their projects, Anson is seeking a trading halt pending announcements from test-work.
The future could be bright for Anson.
For Money Morning