MOL to start lithium mining in HungaryReading Time: < 1 minute
Confirming the preliminary expectations, Hungarian energy giant MOL announced in the summer that it will start mining lithium, local business website Portfolio reports.
The planning of the project goes back to 2019. In August, MOL Managing Director Gyorgy Bacsa announced that trial lithium extraction would begin next year in the Pusztafoldvar region, south-east Hungary, as wells there have such a concentration that cutting-edge separation technology from deep water may prove viable.
MOL could use existing infrastructure
The project is still in its infancy, however, and MOL discussed the technological background and business opportunities with members of the press at the project site.
According to the plans, the company will use the water currently brought to the surface during hydrocarbon extraction in Pusztafoldvar.
This is advantageous from the point of view of investment demand and environmental impact, as it is based on MOL’s existing infrastructure, which is also used for oil production, Portfolio comments.
Could be rolled out in 3-4 years
MOL Research-Production Low Carbon and New Energies head David Kapes said “The ultimate question is how economical it is and how much it costs.
“For now, we are still at the beginning of the process and we are optimistic: this is an exciting new project for the energy transition, in which, according to our current knowledge, there is potential,” Kapes added.
Asked when market entry could take place, experts said a similar ramp-up time as for a start-up oil project, of 3-4 years, can be expected, Portfolio added.