Economy
Canada Backs MGX Minerals’ Petrolithium Cleantech
By Dipo Olowookere
The Canadian government has provided funding of up to $8.2 million CAD to support the commercialization of a low energy (i.e. low cost) water treatment system for the oil and gas industry.
A statement issued by MGX Minerals said its engineering partner PurLucid Treatment Solutions was awarded this grant.
This investment not only represents a compelling vote of confidence from highest level but also a major push forward for petrolithium, the firm said.
This funding will allow MGX to bring its petrolithium technology to market with the support of the Federal and Provincial Government in a much faster and bigger way than anyone may have previously imagined.
Because the lithium extraction technology is all based on the core water treatment technology, a large portion of the benefit of the technology development will now directly benefit MGX and advancing its petrolithium technology. The government and MGX are now jointly funding the commercialization of cleantech and petrolithium. That´s a jackpot for MGX going forward.
The governmental investments of up to $8.2 million CAD into MGX´s partner not only provides high-level credibility with immediate effect but also a non-repayable, non-dilutive and relatively large cash injection representing more than 10% of MGX´s current market capitalization of $78 million CAD. MGX owns 34% of PurLucid and has the right to acquire 100%, but more importantly MGX already owns the global rights to PurLucid´s mineral extraction technology. As petrolithium is now being backed by the government in partnership with MGX as matching funding partners, the big winner is clearly MGX.
CEO and Founder of PurLucid, Dr Preston McEachern, explained that, “Treatment of wastewater has always been a challenge and significant cost to oil and gas producers; it is also essential to implement petrolithium recovery.
“We’re grateful to receive support from SDTC and ERA in the form of development contributions, to build the first commercial system at an operating oil production facility in Alberta and to demonstrate the large cost and energy savings that can be achieved with these systems. It is exciting, as this opens the door to further processing of the treated water for petrolithium recovery.”
Starting Shot for Petrolithium
Considering last month´s landmark announcement of solving the magnesium problem of the lithium industry (see here), plus today´s governmental funding and backing, MGX is now perfectly positioned/partnered to push its petrolithium technology to market in Canada, and thereafter globally. What MGX has in hands is a low OPEX (operating costs) and low CAPEX (capital costs) solution that is revolutionizing the lithium industry because it proposes to be much cheaper and much faster, up to 700 times as fast as traditional solar evaporation.
People think solar evaporation is cheap and the way to go into the future but actually it´s highly capital intensive (because the evaporation ponds must be very large) and highly inefficient on operating costs (because of low recoveries of around 40%). Imagine running the brine through an advanced filter in a single day versus flooding a square mile of ponds and canals for up to 2 years just to achieve the same purpose. Solar evaporation just doesn´t compare in terms of efficiency and capital.
MGX partnered and funded PurLucid to advance their cleantech water handling and together they jointly developed MGX´s lithium and mineral extraction technology based on the low energy nanofiltration technology that PurLucid had been working on for years. The paradigm shift is now running at full steam: Low energy nanofiltration versus traditional filters that can´t handle oil and high total dissolved solids or old technologies that use expensive/inefficient evaporation (solar or mechanical methods to remove minerals).
MGX´s first commercial system (750 barrels per day) is nearing completion and is scheduled to be deployed next month. A much larger plant (7,500 barrel per day) is already in fabrication and will be largely paid by the governmental grant.
One of the main purposes of the grant is commercialization of the technology and bringing it into market with the backing of Canada´s Federal and Alberta´s Provincial Government.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN