Standard Lithium retools operations after short seller’s attacks.
in February that Standard’s plan to produce lithium in Arkansas was based on faulty processes. The allegation from Hindenburg Research set in motion a selling spree that wiped out more than $300 million from Standard Lithium’s market value. The stock has yet to recover.
“We’ve shifted gears,” Chief Executive Robert Mintak told Reuters. “We’ve been lean on purpose, but we now need to bring in the bandwidth with experience to build projects.” Lithium prices have skyrocketed this year due to surging demand from the auto sector. China remains the world’s largest lithium processor, though proposed rival projects in the United States and European Union have faced a range of setbacks.
Since the Hindenburg report, Standard has added brine filtration equipment from Koch to its Arkansas pilot plant and enlarged several tanks and other equipment. “All of those aspects, none of our peers can point to. Most of them don’t even have a parking lot yet,” Mintak said. “We have the best shot of bringing online the first new lithium project in the United States” in decades.Mintak declined to be specific on timing, deferring that announcement to the publication of the company’s definitive feasibility study, expected by year’s end. That report will also outline the cost projections for the project, as well as air and water permits.
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