Latest venture by Jim Mellon during ‘battery boom’
A company going by the name 'Bradda Head' is set to mine lithium in the United States.
It's the latest venture of British businessman, and chair of the Manx Financial Group, Jim Mellon.
The soft, alkali metal is currently highly sought after due to its use in batteries for many new pieces of tech - from mobile phones to electric vehicles.
Although the price of lithium dropped somewhat during the coronavirus pandemic it's rising once again and is predicted to peak close to $15,000 over the next few years as demand for petrol and diesel cars falls.
Bradda Head is in the early stages of this project with its prospect in Burro Creek East, Arizona, currently being tested.
It also has plans to produce lithium in Nevada and is set to join the Alternative Interest Market (AIM) later in July at around £16 million.