Standard Lithium looks for cash

Standard Lithium is looking for investors to fund a $355 million facility in Arkansas that will produce lithium by chemically extracting it from underground brines. The facility, which is expected to produce about 5,400 metric tons of lithium chemicals per year, would be located on a site where Lanxess already produces bromine from brine. Lanxess had an option to invest in the project but decided not to take a stake. The company will, however, send brine to Standard Lithium after the bromine has been removed. Earlier this year, ExxonMobil started developing a lithium extraction project in the same area.