MGX, Belmont set lithium joint venture in Nevada.
MGX Minerals, the Canadian junior that grabbed headlines earlier this year for testing a technology that turns oil and gas wastewater into lithium is doubling down on North America as a future lithium heavyweight with a new joint venture.
The Vancouver-based company has entered into a strategic JV with Belmont Resources, to acquire up to 50% interest in Belmont’s flagship Kibby Basin Lithium Brine Property, just north of Clayton Valley and the Tesla Gigafactory. It’s also where Abermarle's Silver Peak mine, the only North American lithium producer, is located.
MGX will fund up to Cdn$300,000 of exploration, namely drilling at Kibby. The junior will acquire an initial 25% interest, but can earn a further 25% stake in the project by funding another Cdn$300,000 in exploration for drilling at which time the project will become a 50:50 joint venture with access to MGX's rapid lithium extraction technology. MGX will be operator.