POSCO Holdings Inc. (NYSE:PKX), a South Korean steelmaking and industrial company, has announced a significant partnership with Anson Resources Limited to build and operate a Direct Lithium Extraction (DLE) demonstration plant at the Green River Lithium Project in the Paradox Basin, Utah, USA.
The partnership, signed on June 11, marks a major milestone in POSCO’s efforts to advance lithium extraction technology within the US market. As part of the agreement, POSCO will lead the project at its own expense, taking full responsibility for the design, construction, operation, and maintenance of the facility to validate its proprietary DLE technology on a continuous industrial scale.
The demonstration plant will extract lithium from brines supplied by Anson, utilizing the site’s existing infrastructure. In connection with this partnership, POSCO will pay Anson a facilitation fee of approximately $5.2 million. The company plans to begin operating the demonstration plant in 2027, with the project expected to conclude in 2028.
This initiative highlights POSCO Holdings Inc.’s (NYSE:PKX) active role in advancing lithium extraction technology within the US market. While the demonstration plant is non-commercial, the agreement establishes a framework for both parties to discuss further commercial collaboration and potential joint investment opportunities in the Green River project as they work to de-risk the technical process.
POSCO Holdings Inc. (NYSE:PKX) is a leading player in the global steel industry, with a diverse portfolio of businesses that includes energy, chemicals, and materials. The company’s involvement in the lithium sector is a strategic move to capitalize on the growing demand for battery-grade lithium.
The partnership between POSCO and Anson Resources is a significant development in the lithium industry, as it demonstrates the growing interest in DLE technology and its potential to revolutionize the way lithium is extracted. As the demand for lithium continues to rise, this partnership is likely to play a crucial role in shaping the future of the industry.
POSCO’s proprietary DLE technology has the potential to significantly reduce the cost and environmental impact of lithium extraction. By partnering with Anson Resources, POSCO is taking a major step towards commercializing its technology and making it more accessible to the market.
The Green River Lithium Project, where the demonstration plant will be located, is a significant lithium resource in the US. The project has the potential to produce high-quality lithium, which is essential for the production of electric vehicle batteries.
The partnership between POSCO and Anson Resources is a testament to the growing interest in lithium and the potential for innovation in the industry. As the demand for lithium continues to rise, this partnership is likely to play a crucial role in shaping the future of the industry.
