This morning before U.S. markets opened for trading, lithium development company Standard Lithium Ltd. (SLI:TSX.V; SLI:NYSE American) announced "an update on the installation of the SiFT lithium carbonate plant at its flagship South Arkansas project and other related developments."
Standard Lithium reported that it has now finished all installation work at the SiFT lithium carbonate plant, hooked up the major connections to the existing plant, and built a new weatherproof enclosure. The company indicated that wet commissioning operations at the SiFT Plant are currently active and stated that it expects to begin fully integrated operations during September.
The firm advises that it also installed a novel osmotically assisted High Pressure Reverse Osmosis (HPRO) unit at the demonstration plant in El Dorado, which is up and running and is presently being integrated into the plant's process flow. The company explained that the unit's primary purpose is to concentrate lithium chloride produced by the LiSTR Direct Lithium Extraction (DLE) plant for later conversion to lithium carbonate.
Standard Lithium noted that in advance of the arrival of Hurricane Ida, its Arkansas team initiated pre-emptive emergency safety protocols to secure the plant, equipment, and staff at the El Dorado site. The company said that due to a shift in the storm's path it was able to continue normal operations without interruption.
Standard Lithium's President and COO, Dr. Andy Robinson, remarked, "We're very thankful that our team and operations are safe and that El Dorado was spared the worst of Hurricane Ida. Our project execution efforts continue and, with the final stages of commissioning and integration almost finished, we are now in the final stages of running the only continuous, 24/7 start-to-finish, brine-to-carbonate plant in North America."
The company stated that it continues in its efforts to support the El Dorado community and noted that it will join with several other companies as a major sponsor for the 22nd Annual SouthArk Outdoor Expo! this month and additionally will be a Superstar Sponsor for the Main Street El Dorado Musicfest 2021 featuring performers Frank Foster, Ice Cube, and others.
Standard Lithium Ltd. is a Vancouver, B.C.-based lithium development and production company. The firm listed that it is focused on testing and proving commercial viability of lithium extraction from approximately 150,000 acres of permitted brine operations at its "flagship" Lanxess Project in southern Arkansas.
The company advised that at Lanxess south, it has put into operation a first-of-a-kind industrial-scale direct lithium extraction demonstration plant that employs Standard's proprietary LiSTR technology to extract lithium effectively and optimally from tail brine. The firm stated that this is a much improved and more environmentally friendly process as it eliminates the need for evaporation ponds and significantly reduces processing time from months to hours and boosts lithium recovery yields and economics.
In addition, the company is working on developing lithium resources at a second property in Arkansas covering around 30,000 acres of brine leases as well as about 45,000 acres of mineral leases in the Mojave Desert in San Bernardino Co., California
Standard Lithium began the day with a market cap of around $744.4 million with approximately 144.3 million shares outstanding. SLI shares opened 11% higher today at $5.75 (+$0.59, +11.43%) over yesterday's $5.16 closing price. The stock traded today between $5.70 to $6.60 per share and closed at $6.60 (+$1.44, +27.91%).
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