A water purification and pre-treatment unit has now been received and the firm’s extraction technology is being integrated.
The system is designed to extract lithium and other minerals from oilfield brine generated as a by-product in the oil and gas industry.
PurLucid Treatment Solutions Inc developed the water purification system and MGX has now struck a definitive agreement to acquire up to 100% of PurLucid, it said today.
It will acquire an initial 50% by investing C$5 million over the next three years.
So far, MGX has invested C$90,000 into PurLucid for development and commercialization of its existing patented water purification technology as well as integration of MGX’s patent pending lithium and mineral extraction technology.
MGX controls minerals rights over more than 376,000 hectares of lithium-bearing oilfield brine properties throughout Alberta.
These oilfields currently generate 1mln barrels per day (bpd) of salt brine.
MGX has initial agreements in place with a significant number of major oil and gas operators throughout Alberta.
Story by ProactiveInvestors