Brazil Minerals, Inc. (OTC:BMIX) celebrated the green light from authorities in that South American country to commence work on its 288-acre lithium project located in the region of Salinas.
Brazil Minerals will begin with a ground study campaign to start soon and finish early in new year 2019, within a mining district singled out for high levels of lithium mineralization, where lithium deposits are associated with very promising mineralization.
Lithium is used widely in smart phones and electric vehicles. Approximately 46% of the lithium that is mined worldwide finds its use in lithium-ion batteries. This segment of the lithium market is growing at 16% annually and is expected to reach $69 billion in size by 2022.
The developments drove the stock price up by two-100ths of a cent, or 14.3%, to $0.0016, on a volume of 4.81 million shares Tuesday.
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