Compass Minerals International (CMP) and Energy Exploration Technologies said Monday they have entered into a memorandum of understanding to explore the development of EnergyX's projected 30,000 tons per annum commercial scale direct lithium extraction and refinery facility near the Great Salt Lake in Utah.
EnergyX plans to design, finance, construct and operate a commercial DLE and refining facility on land owned by Compass Minerals, according to the statement.
As per the terms being discussed, EnergyX will lease the land and pay a lithium production license fee to Compass, which will assign its existing lithium infrastructure to EnergyX and bear no capital costs tied to the project, the statement added.
EnergyX said it plans to invest about $400 million in the project.
Definitive agreements are expected to be finalized over the coming months, subject to conditions and regulatory approvals, according to the statement.
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