Lithium Korea "Received US MRI brine and Pond, etc... Proactive Response Strategy to IRA"

[Asia Economy Reporter Jang Hyowon] Lithium Korea, which is participating in the acquisition of KOSDAQ-listed company G1 Energy, announced on the 21st that it is receiving full support for brine and ponds for lithium extraction plant construction from its U.S. partner company MRI (Mineral Resources International).

A Lithium Korea official stated, "To extract lithium, brine and ponds that evaporate the brine and concentrate it to the required process concentration are necessary," adding, "It is a favorable structure where the U.S. partner provides all the essential basic elements in the lithium brine manufacturing facility."

MRI was established in 1969 in Salt Lake City, Utah, USA, and over three generations has been concentrating mineral components from the Great Salt Lake to produce various products. MRI also holds rights to use 39 million gallons of brine annually from the Great Salt Lake and owns six natural evaporation ponds.

In August, Lithium Korea signed a business agreement with MRI to install a pilot plant for lithium extraction at the Great Salt Lake. Lithium Korea will install the pilot plant, and MRI will support brine, ponds, and other resources. Since the ponds, which occupy the largest area among the entire facilities, are provided, rapid progress of the pilot plant is expected.

In particular, MRI is providing Lithium Korea with high-concentration brine averaging 600 ppm lithium concentration. Except for the concentrations of the world's three major salt lakes such as Olaroz in Argentina, 600 ppm is among the highest levels.

The official emphasized, "To manufacture 1 ton of high-performance cathode material for electric vehicles, about 0.46 tons of lithium is required, and high-concentration brine is essential to extract a large amount of lithium," adding, "This plant installation will be the first step toward supplying stable raw materials to North American battery factories."

He continued, "After building the pilot plant with MRI, which has operated in Utah for over 50 years and has an excellent network, we plan to apply the technology to other local salt lakes," explaining, "Currently, lithium extraction experiments are progressing smoothly."

Meanwhile, according to the Korea Resources Information Service, the price of lithium carbonate reached 576.5 yuan as of November 17, setting new records daily. Especially, with the enactment of the IRA (Inflation Reduction Act) in the U.S. in August, there is a move to exclude purchase subsidies if electric vehicle manufacturing uses battery parts and minerals produced in countries like China. The importance of securing lithium within the U.S. is expected to increase.

This content was produced with the assistance of AI translation services.