Battery cells with the logo of LG Energy Solution are displayed at the company headquarters in Seoul, South Korea, April 23, 2024.
Under the terms of the deal, LG Energy Solution will purchase up to 4,000 dry metric tons of lithium carbonate annually. The supply is expected to begin in 2028, with an initial contract duration of five years and an option to extend for an additional five years.
This agreement accounts for approximately 40% of the Paradox Basin project’s initial production capacity, which is projected to reach 10,000 tons per year. The partnership is expected to strengthen Anson’s efforts to secure debt financing as the project approaches its final investment decision phase.
Anson’s CEO, Bruce Richardson, stated: “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.”
The lithium carbonate supplied will support the production of lithium iron phosphate batteries, which are increasingly used in electric vehicles. Demand for these batteries is growing, particularly in markets like China, where electric vehicle sales are rising steadily.
This collaboration highlights Anson Resources’ role in meeting global demand for battery materials, contributing to the expansion of sustainable energy solutions.
