PHOENIX, AZ / ACCESSWIRE / May 30, 2024 / PetroSun, Inc (OTC PINK:PSUD) (the "Company") announced today the United States Department of Energy, Loan Programs Office has established a $ 72 Billion Loan Authority for the development of critical minerals, including lithium.
With this program the Federal Government is encouraging and supporting domestic mining to strengthen energy and supply chains for these critical minerals. The "American Battery Materials Initiative" makes clear the importance of energy security and energy independence for the United States.
The DOE states "The United States has substantial critical minerals resources, but we must do more if we want to lead in the mining or processing of these critical minerals. Many of the supply chains for these critical minerals are concentrated in just a few countries, most notably China. This increases the risk for investors and businesses, eroding U.S. economic power, weakening our energy security, and increasing our reliance on unreliable foreign sources, which are often produced with lower environmental or labor standards." Officials at the U.S. Department of Energy, through these policy initiatives want all lithium produced domestically by 2030.
PetroSun announced estimated lithium reserves of 1,226,000 gross metric tons with a current market value of $ 18.987 billion based on a lab analysis by Arizona State University from extensive core samples taken from our clay concessions. The Company is actively pursuing additional leasing opportunities within the Smackover Formation Trend located in South Arkansas, North Louisiana, East Texas, and Mississippi, the Salton Sea of California and the Four Corners (AZ, NM, CO and UT) for lithium contained in brine water. It is our expectation that the available lithium and other mineral reserves will increase through this process.
According to McKinsey and Company analysis, a multinational strategy and management consulting firm, the entire Lithium-Ion battery chain could grow by over 30 percent annually during the next six years and reach a global market value of over $ 400 Billion by 2030.
In order to achieve this targeted growth rate there must be a ramp up of lithium extraction and processing operations beyond the one current production facility located in the United States. It will also require technology that processes brine water on a massive scale, as a major percentage of commercial grade lithium within the United States is contained within brine waters from geothermal and oilfield produced water that have lower lithium concentrations than clay or pegmatites (spodumene). These lithium and extraction processing operations must also be environmentally safe and economically viable at a lower-case market price of $15,000 per metric ton.
"We are excited about the Federal priority to support and encourage the development of critical minerals, including lithium, which is our most valuable reserve asset. The goal of lithium self-reliance in the U.S. by 2030 provides a great opportunity for PetroSun and our technology assets" stated Gordon LeBlanc, Jr, Executive Chairman, CEO and President.
About PetroSun
PetroSun, Inc. is a fully integrated energy and mining business focusing on Lithium, Zeolite Clays, Rare Earth Elements, Mine Tailings, Helium, Natural Gas and Water Processing through the use of cutting-edge technologies, a broad portfolio of assets and leases, and a management team with decades of research, development, and production experience. PetroSun is vertically integrated with control of all aspects of the business from exploration and production to delivery to end users, providing customers direct customized solutions and shareholders maximum returns by participating in profitability at each stage in the supply chain.
PetroSun, Inc. owns significant leasehold acreage that is prospective for helium exploration and production in the Holbrook Basin of Arizona and for natural gas and helium in the Paradox Basin of Utah. The Company holds mineral leases on approximately 280,000 gross acres in the Holbrook Basin and Pedregosa Basin of Arizona and over 26,000 gross acres in the Paradox Basin.
PetroSun's greatest assets are its shareholders, partners, advisors, employees, and its patented and proprietary technologies. We seek to provide global solutions to some of the most critical challenges the world faces today and into the future. The Company trades on the OTC Pink Sheets under the symbol "PSUD".
For additional information:
Contact PetroSun at [email protected]
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SOURCE: PetroSun, Inc.