DACHAIDAN, QINGHAI PROVINCE, China, Nov. 11, 2021 /PRNewswire/ -- Lithium and Boron Technology, Inc. (OTC Pink: LBTI) ("LBTI" or the "Lithium Boron Technology"), a leading producer of Boric Acid and manufacturer of lithium carbonate, announced today, a major breakthrough in lithium carbonate extraction technology that will be used to process mineral rich brine water from the vast Dachaidan Salt Lake located in XaiXai, Quinhai Province, China.
Mr. Jimin Zhang, the newly appointed Chairman of LBTI, remarked, "We use a proprietary sorbent processing technology that has revolutionized traditional methods of lithium extraction which we believe is one of the best available in the world. The process enables us to efficiently extract lithium carbonate, in an environmentally friendly manner with a modularized, miniaturized and simplified process. We believe our production costs are among the lowest in the industry at approximately $3,125 (20,000 yuan)/ tonne which should enable us to produce lithium carbonate for industrial batteries (incl. electric vehicle batteries and energy storage batteries) at higher profit margins than other producers."
Mr. Zhang continued: "We are planning to build production capacity to an annual output of 20,000 tonnes of lithium carbonate over the next two years. According to Trading Economics, the price of Lithium Carbonate in China increased from 33,843 yuan per tonne to 194,000 yuan, approximately 570% increase because of the growing market demand and tight supply. We expect the trend to continue over the next five years."
Mr. Zhang concluded, "Given the global shift from gas guzzling combustion engines to new EV vehicles and the growth of lithium energy storage batteries, I believe Lithium Boron Technology has a very bright future."
On another note, Lithium & Boron Technology would like to recognize the achievements of retired Chairman, Mao Zhang, who was instrumental in building the Company and welcomes Mr. Xudong "Rhett" Wang, the Company's Chief Financial Officer as a new director of the Company.
About Lithium & Boron Technology, Inc.
We are a leading boric acid manufacturing company in the PRC. Our strategy is to expand our manufacturing facilities to produce lithium carbonate for the rapidly growing electric vehicle ("EV") battery and energy storage battery market in China. We have the exclusive right to process brine from Dachaidan Lake.
For more information contact:
USA
Robert Newman
Phone: (917) 494-9974
Email: RN@EastWestDV.com
CHINA
Rhett Wang
Phone
Rhettwang@lithiumborontechnology.com
