Change to federal tax credit will be a big boost to Alberta lithium extraction yyc
This advertisement has not loaded yet, but your article continues below.There are only a select few companies in Alberta working on lithium extraction from brine and a large pent-up demand for the product.
Grounded Lithium drilled its first test well last summer at a cost of $1.5 million, but because this happened prior to the change, it will not be covered under the flow-through tax credit. Future tests, however, will be.Article content “There certainly is a great deal of momentum behind the energy transition. We see a lot of challenges in all of that to get there, including the whole supply chain,” said Gregg Smith, president and CEO of Grounded Lithium. “The chain in terms of manufacturing the anodes to cathodes, the batteries, and EVs is well in place. Who they forgot to talk to is the mining industry.”According to the Lithium Industry Association, the demand for lithium will grow from 292 thousand metric tons in 2020 to 2.
While all forms of lithium mining in Canada will be required as a solution to this, brine extraction has a couple of advantages over the traditional hard rock mines in Ontario and Quebec that fell under the first iteration of the tax credit. The method being used by E3 Lithium and Grounded Lithium has more cost predictability and takes about a third of the energy to produce, in addition to there being no open pit scarring the land.
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