Contractual Partnership JV Signed for Lithium Extraction in Bolivia
Austin, Texas, March 28, 2023 (GLOBE NEWSWIRE) -- NEXT-ChemX Corporation (OTC: CHMX), (“Next-ChemX”) is pleased to announce entering into a Contractual Partnership Agreement with Clontarf Energy plc (“Clontarf”), to replace the ‘Heads of Agreement’ announced on the 15th of February 2023. Under this agreement NEXT-ChemX and Clontarf (together the “Partners”) will establish a contractual Partnership domiciled in Texas and known as ‘Clontarf NEXT-ChemX JV’.
The Partnership will provide the Partners with a vehicle to enable them to demonstrate the technical, commercial and environmental feasibility of NEXT-ChemX’s ion-Targeting Direct Extraction technology (“iTDE Technology”) in Bolivia. To obtain this exclusive right for the Partnership, Clontarf will pay $500,000 to NEXT-ChemX.
The initial priority the Partners is to use the cooperation to demonstrate to the State Lithium Company, “YLB”, the environmental and commercial advantages of the iTDE Technology including its limited energy and water consumption, and the ability to extract targeted ions with minimal waste. Testing of the iTDE Technology before YLB officials will be carried out using a new pilot plant system currently being completed. This is expected to be ready during 2nd Quarter 2023, at a new facility near Austin, Texas. The demonstration will underline the fact that the iTDE System has no need of evaporative ponds that are not optimal in Bolivia due to rainfall conditions, altitude and high magnesium content as well as being particularly damaging to the environment.
If successful, the Partners plan to deploy a commercial pilot plant in Bolivia to further demonstrate the process. The results of the commercial operation of such a plant are expected to lead to the execution of a licensing, extraction, and exploitation agreement. Commercial exploitation of lithium deposits will be carried out exclusively through a newly formed corporate joint venture organized in Bolivia and owned jointly by the Company and Clontarf, with the possible participation of YLB.
Benton Wilcoxon, CEO of Next-ChemX commented: “We are confident that our iTDE technology will be effective with lithium extraction. Our new pilot plant system will demonstrate actual process kinetics on the customer’s brine samples to determine their specific projected operational costs. We anticipate our demonstration will be convincing.”
On behalf of the Board of NEXT-ChemX Corporation
Benton Wilcoxon, Chairman and CEO
About NEXT-ChemX Corporation/p>
NEXT-ChemX Corporation, is a Nevada company trading on OTC Markets as “CHMX”. Please visit the Company’s website at www.next-chemx.com
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