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MGX Minerals Inc.

MGX Minerals eyeing revenue of C$2 million from ground-breaking wastewater systems

The Vancouver-based firm and partner PurLucid have developed a rapid lithium extraction technology

Nodding donkey
The MGX technology can be used on oilfield waste water too

MGX Minerals Inc. (CSE:XMG) (OTCQB:MGXMF) revealed Friday that it expects revenue of C$2 million in 2019 during the ramp-up of its first two contracted wastewater treatment systems.

The Vancouver-based firm and its engineering partner PurLucid, have developed a rapid lithium extraction technology, which enhances the quality of recovery across a complex range of brines compared to solar evaporation.

READ: MGX Minerals set to take its lithium extraction tech to the shale plays of eastern USA

It can be used to extract lithium from petrolithium (oil and gas wastewater), natural brine, and other brine sources.

On Friday, MGX said the first system, which was contracted, is now made and being commissioned at an oilsands SAGD (steam assisted gravity drainage) operation in Alberta, Canada to process evaporator blowdown water (EBD) and is expected to be operational shortly.

Deployment of a second system is scheduled for June this year and will also be deployed to an oilsands SAGD operator in Alberta.

Both are capable of processing 10 cubic meters per hour and when the testing and optimization phase is complete, the customers will pay a fixed processing fee.

Contracts are currently being negotiated for more systems, said MGX in Friday's statement and are expected to be finalized soon.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: MGX Minerals Inc.

Price: $0.21

Market: CSE
Market Cap: $29.48 m
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