Anson Resources Limited (ASX: ASN) has announced that it has entered into a non-binding MOU with TETRA Technologies (NYSE: TTI) which will see the parties collaborate on the development of the Paradox Brine Project in Utah, USA.
The MOU allows for six months to negotiate a definitive agreement, and covers discussions between ASN and TTI regarding:
- an offtake agreement for elemental bromine as bromide derivative products
- licensing of TTI technology to the project
- managing the operation of the planned bromine production facility; and
- a possible investment by TETRA
Paradox Brine Project
Anson’s flagship Paradox Basin Brine Project in southern Utah, USA, is being developed to target the recovery of valuable chemicals from a unique salt brine resource. The Paradox Project is targeting the supply of lithium chemicals to the rapidly growing battery market, while extracting additional value from by-products, including bromine, iodine, and boron, contained within the brine.
The project consists of 1,080 USA Federal government, Bureau of Land Management (BLM) placer claims and two Utah government, Schools Institutional Trust Lands Administration (SITLA) minerals leases and two SITLA Special Use Surface Agreements (SULA) for industrial use, and includes rights to lithium, bromine, boron and iodine.
TETRA – leader in bromine derivative products
TETRA Technologies is a global leader in the development of bromine-derivatives including Zinc Bromide, Calcium Bromide and Sodium Bromide. These products are used in a number of applications including oilfield completion services and zinc-bromide energy storage batteries.
“This is a significant step forward in the development of the Paradox Brine Project and serves as a tremendous validation of the quality and potential of Paradox”
Management comments
Anson’s Executive Chairman and CEO, Bruce Richardson, commented: “This is a significant step forward in the development of the Paradox Brine Project and serves as a tremendous validation of the quality and potential of Paradox. 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.
TETRA is a well-established and highly credentialed partner in brominated completion fluids with significant chemical R&D and manufacturing experience, and this will allow them to provide the best solutions to ensure maximum value is extracted from the mineral rich brines of Paradox.”
Images: Anson Resources Limited