Shares in Australian based Lepidico Ltd (ASX:LPD) have surged 13% on Thursday, driven by news of significant developments of the company’s L-Max® product suite. The collaborative effort between Lepidico, Strategic Metallurgy and Knight Piésold has resulted in the successful concentration of caesium and rubidium into two isolated products, including a caesium-rich brine with various uses across the oil and gas industry. Lepidico’s ability to produce valuable bi-products will enable the company to further their lithium exploration and production activities, whilst continuing their research on innovative production technologies.
Oil companies including Chevron, Shell and ExxonMobil use caesium brine – a high density, solids free and stable fluid to increase well productivity by increasing ROP (rates of penetration) and increasing motor run life. It also eliminates the risks involved in handling heavy bromide brines.
According to Lepidico, the L-Max® process allows the extraction and recovery of lithium from lithium bearing micas such as lepidolite and zinnwaldite. These lithium rich minerals have largely been overlooked until the introduction of L-Max® as a source of lithium as no commercially viable process existed to recover this metal, which is essential for many new battery technologies.At the time of writing Lepidico shares were trading at $0.026 AUD