Anson Resources signs lithium carbonate offtake with LG Energy Solution
10 ktpa nameplate
Anson Resources has signed a binding offtake term sheet with LG Energy Solution (“LGES”) for the supply of 4 ktpa Li2CO3 for an initial 5 years (extendable by 5 years) from its Paradox oilfield brine DLE project in Utah.
The facility is expected to commence production in 2027 at a nameplate capacity of 10 ktpa Li2CO3. Anson proposes to extract lithium from deep confined aquifers which will be processed using SunResin absorption DLE technology.
아다마스의 견해:
In March 2024’s edition of the EV Battery Lithium Monthly report, we flagged more offtake agreements were likely from LGES given they had only secured one-third of the required IRA-compliant lithium feedstock (Adamas estimate) needed for its share of 330 GWh of cell capacity in North America.
This includes some risky offtake agreements with developers, a category Paradox falls into given it is unfunded and pre-FID.
The cadence of deals from LGES into developers speaks to the lack of marketable lithium chemicals available for offtake. Paradox’s 4 ktpa Li2CO3 does not make a meaningful dent into their procurement needs. For that, an expansion of offtake with Chile’s SQM would be the lowest hanging fruit.
Thereafter, IRA-compliance may be dropped as a pre-condition, opening Argentinian and Brazilian material as likely candidates for supply.
Furthermore, the justification for vertical integration strategy is growing stronger by the month, and as such we anticipate more meaningful equity participations from LGES into mining and refining projects moving forward.
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