Collin Eaton and Benoît Morenne of The Wall Street Journal report on Magnolia, Arkansas and its role in the lithium boom.
- Exxon has announced that it will build one of the world’s largest lithium production plants, with the capacity to produce 75,000 to 100,000 metric tons of lithium annually, near Magnolia, Arkansas.
- The company will source the lithium from saltwater brine in the area, which has traditionally been sought out by energy companies looking to drill for oil.
- Vancouver-based Standard Lithium is also planning to begin construction on a lithium plant in 2024 that will be near Magnolia and will have the ability to produce 6,000 metric tons of lithium.
“Exxon, which is generally bullish about the future of oil and natural gas, is also preparing for a future less dependent on gasoline. Last year, it projected light-duty vehicle demand for internal combustion engine fuels could peak by 2025, while EVs, hybrids and vehicles powered by fuel cells could grow to more than 50% of new car sales by 2050.”
Read the full article here.
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