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Ford’s Lithium Supplier Compass Selects Extraction Technology, Announces $252 Million Funding from Koch Industries

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2022/9/15

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(Kitco News) – Compass Minerals (NYSE: CMP) today introduced that it has actually picked EnergySource Minerals (ESM) as its Direct Lithium Removal (DLE) trendsetter for its formerly acknowledged Lithium Carbonate Equalization (LCE) resource.) in around 2.4 mMT chosen in the Great Salt Lake.

Compass is targeting Phase 1 production of roughly 11 kMT LCE each year. Approximate Phase 1 development financing is $262 million (-30% to +40%).

The Company anticipates Phase 1 to produce an after-tax NPV of about $626 million to $985 million and also an after-tax IRR of in between 28% as well as 36%.

Compass just recently revealed that Koch Minerals & Trading will certainly make a $252 million tactical equity financial investment in the business via ordinary shares.

In July, Compass Minerals introduced the conclusion of a non-binding letter of intent “… to discover the opportunity of Ford Motor Company (Ford) obtaining a battery-grade lithium product from its deep sea expand job lithium.” at his Ogden, Utah Solar Power Plant Facility.”

Compass CEO Kevin S. Crutchfield explained the day as a turning point.

“After significant initiative to establish internal lithium experience as well as efficiently discover our resource conversion abilities, we delight in to introduce today the accomplishment of added vital turning points, consisting of the choice of our vendor of sophisticated DLE modern technology and also the disclosure of our very first profession mission.and additionally the outcome of a third-party evaluation of our firm’s sustainability account.-sustainable salt sulfate, magnesium as well as additionally potassium chloride at the Ogden facility of firm, slowly decreasing the ecological influence of the jobs.

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