- Anson Resources (ASN) and TETRA Technologies sign a non-binding memorandum of understanding to help develop ASN’s Paradox Brine Project
- The parties will negotiate a potential offtake agreement and management of a planned bromine production facility at the site in Utah
- ASN is developing plans to extract lithium and bromine at the Paradox facility and is finalising a pre-feasibility study for these activities
- Anson and TETRA aim to finalise an agreement within the next six months, subject to approvals
- Shares in Anson are trading in the grey at 7.5 cents at 10:20 am AEST
Anson Resources (ASN) has entered into a non-binding memorandum of understanding (MOU) with TETRA Technologies to collaborate on the development of Anson’s Paradox Brine Project in the US state of Utah.
TETRA produces bromine derivative products for use in oilfield completion services and zinc-bromine energy storage batteries among other applications.
Anson’s Paradox Project comprises 1080 placer claims and mining leases owned by various US federal and state government bodies as well as other authorities. Some of the claims and leases include the rights to lithium, bromine, boron and iodine.
The newly signed MOU framework allows the parties to negotiate an offtake agreement, licensing of TETRA’s patented process technology to the project and management of a planned Bromine production facility.
To this end, ASN is developing plans to extract bromine and lithium at the future plant, which will be located on an industrial lease, and finalising a pre-feasibility study for these activities.
Anson Resources Executive Chairman and CEO Bruce Richardson said the MOU was a significant step forward for the project.
“We are delighted that our discussions with TETRA have formalised into this MOU and our ability to collaborate freely provides a clear opportunity to accelerate the development of Paradox towards production,” he said.
“Importantly, partnering with TETRA will allow the first stage of the project to be developed while Anson continues to increase the size of the project by exploring the areas identified in its exploration target.”
Any definitive agreement will be subject to customary terms and approvals, including sign off from the parties’ respective boards and relevant arms of government.
ASN and TETRA aim to finalise an agreement in the next six months.
Shares in Anson were trading in the grey at 7.5 cents at 10:20 am AEST.