POSCO Funds New Utah Lithium Plant to Strengthen America's Electric Vehicle Supply Chain
Green River, Thursday, 11 June 2026.
POSCO Holdings is fully funding a Utah lithium extraction facility, paying a $5.2 million fee to Anson Resources to help secure America’s independent EV battery supply chain by 2028.
A Strategic Leap for the US Lithium Supply Chain
On June 10 and 11, 2026, Australian resource developer Anson Resources (ASX: ASN) and South Korean industrial conglomerate POSCO Holdings (NYSE: PKX, KRX: 005490) formalized a binding definitive agreement to develop a non-commercial Direct Lithium Extraction (DLE) demonstration plant [1][3]. Located at the Green River Lithium Project in Utah’s Paradox Basin, the facility will extract lithium specifically from brines sourced at Anson’s Bosydaba #1 well [1][7]. Under the finalized terms, POSCO assumes total financial and operational responsibility for the plant’s engineering, design, construction, and maintenance [2][4]. In exchange for property access, infrastructure support, and the necessary brine supply, POSCO is paying Anson Resources a facilitation fee of USD 5.2 million, which equates to approximately AUD 7.2 million [1][3]. This reflects an exchange rate ratio of roughly 1.385 AUD per USD based on the agreed contract figures.