Standard Lithium (SLI) and Equinor's (EQNR) joint venture Smackover Lithium said Thursday that Arkansas regulators approved a 2.5% royalty rate for phase I of its South West Arkansas lithium project.
The company said the Arkansas Oil and Gas Commission approved the first-ever royalty rate in the state for lithium extracted from brine, applying to the Reynolds Unit in Lafayette and Columbia counties.
The royalty adds to an existing annual brine fee of $65.05 per acre, bringing total compensation to about 3% based on current lithium prices, Smackover Lithium said.
The Reynolds Unit is expected to produce 22,500 tonnes of battery-grade lithium carbonate annually starting in 2028, the company said.
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