MASSIVE News: HUGE US DOE Grant For SLI LI PROCESSING PLANT- it is NOT US but for a LITHIUM PLANT in State of ARKANSAS in the USA
- however, it is the PRINCIPLE and AMOUNT {up to USD 225 million} of NON-STANDARD OUT of the BOX PROJECT FINANACING
^^^ Standard Lithium selected for U.S. funding in Arkansas
2024-09-20 10:00 ET - News Release
Mr. David Park reports
U.S. DEPARTMENT OF ENERGY SELECTS STANDARD LITHIUM AND EQUINOR FOR AWARD NEGOTIATION OF UP TO $225 MILLION FOR SOUTH WEST ARKANSAS PROJECT
Standard Lithium Ltd.'s jointly owned United States subsidiary, SWA Lithium LLC, has been selected for up to $225-million (U.S.) award negotiation from the U.S. Department of Energy (DOE). This selection, overseen by the DOE's Office of Manufacturing and Energy Supply Chains (MESC), is one of the largest ever awarded to a U.S. critical-minerals project and is part of the second wave of funding under the Infrastructure Investment and Jobs Act aimed at expanding domestic manufacturing of all segments of the battery supply chain and increasing production of critical minerals in the U.S. The provisional grant is dependent on completing successful final negotiations with the DOE.
Key highlights:
- Conditional award -- The $225-million funding by the DOE will support the construction of the central processing facility (CPF) for phase 1 of the South West Arkansas project. The CPF for phase 1 is being designed to annually produce 22,500 tonnes of battery-quality lithium carbonate, utilizing direct lithium extraction (DLE) technology. The U.S. government's significant cost share demonstrates its commitment to the project, underscoring the strategic importance of developing a domestic supply chain for critical minerals.
- Project development and expansion -- The South West Arkansas project, located in Lafayette and Columbia counties, Arkansas, is being developed in partnership with Equinor ASA, with ownership shared at 55 per cent by Standard Lithium and 45 per cent by Equinor. The project's design is being updated from its original prefeasibility study (PFS), and now targets a larger total output of 45,000 tonnes per year of lithium carbonate, to be developed in two phases of 22,500 tonnes each. A definitive feasibility study (DFS) and front-end engineering design (FEED) are currently under way to support this expansion.
- Location and community impact -- The South West Arkansas project's DLE and lithium carbonate facilities are planned to be located on a 118-acre property in rural Lafayette county, approximately seven miles south of Lewisville, Ark. The brine unit that will source lithium-bearing brine for the project facilities spans lands in Lafayette and Columbia counties. In addition to creating up to 300 construction and 100 direct jobs, the project will significantly benefit the local community through infrastructure improvements, community health initiatives, educational partnerships and work force development programs.
Standard Lithium's chief executive officer, David Park, stated: "The significant cost share from the U.S. government demonstrates their continued support for investing in secure and sustainable supply chains of domestic lithium production. This decision by the Department of Energy validates the calibre of the project we are building through our derisked approach to project development, strong partnerships, methodical testing and purpose-built processes tailored to meet the specific demands of large-scale lithium production in the Smackover formation. Moreover, it reflects the incredibly talented and dedicated team we have built to execute this vision and, most importantly, the relationships we have built in our community and across the state to ensure this is a win for Arkansas."
Allison Thurmond, vice-president of U.S. lithium at Equinor, said: "The U.S. Department of Energy's support for the South West Arkansas project demonstrates how important lithium is to America's energy transition. This award underscores the commercial readiness of our projects and the strength of our partnership. We look forward to working with the U.S. Department of Energy and alongside local communities in southwest Arkansas to develop this critical mineral and build the next generation of lithium production."
Dr. Andy Robinson, president and chief operating officer of Standard Lithium, added: "We are honoured to have been selected for this significant grant from the U.S. Department of Energy. This funding is a strong endorsement of the South West Arkansas project and our efforts to develop a secure and sustainable domestic lithium supply chain. The grant will enable us to accelerate the development of this world-class resource and position the project as a cornerstone of the U.S. battery materials industry."
About Standard Lithium Ltd.
Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of lithium-brine-bearing properties in the United States. The company prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labour and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated direct lithium extraction and purification process. The company's flagship projects are located in the Smackover formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in eastern Texas. Additionally, the company is advancing the phase 1A project in partnership with Lanxess Corp., a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino county, California.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.
https://www.stockwatch.com/News/Item/Z-C!SLI-3601290/C/SLI ***
z173