MGX stock spikes on successful lithium extraction from oil wastewater

The Canadian Securities Exchange-listed stock of lithium brines project developer MGX Minerals on Tuesday rallied more than 40% after the company announced it has successfully extracted lithium from heavy oil wastewater. The company owns a patent pending process for the extraction of lithium and other valuable minerals from heavy oil evaporator blowdown wastewater (EBD), which is one of the by-products of steam assisted gravity drainage, a technique commonly employed during production of heavy oil in Alberta, where MGX has consolidated a sizeable asset base.