-Anson Resources signed on Wednesday an offtake deal with South Korea’s LG Energy Solution for battery-grade lithium carbonate supply from the Australian miner’s project within the Paradox Basin in southern Utah.
Under the agreement, the South Korean battery manufacturer will acquire up to 4,000 dry metric tons annually of lithium carbonate, with supply anticipated to commence in 2028, featuring an initial five-year term with a potential five-year extension.
The deal represents nearly 40% of the project’s start-up production capacity, estimated at around 10,000 tons annually, with the partnership anticipated to support Anson’s debt funding efforts at the final investment decision stage.
“This definitive offtake agreement establishes the foundation for a long-term partnership and we are proud that we will be supplying low-cost U.S.-made lithium from the Paradox Basin to LG Energy Solution,” said Anson’s CEO, Bruce Richardson.
Lithium carbonate serves lithium iron phosphate battery production, with electric vehicle sales utilizing these batteries experiencing acceleration across China.
(Reporting by Kumar Tanishk in Bengaluru; Editing by Alan Barona)
