Smackover Lithium, a joint venture between Standard Lithium (SLI.V and NYSE:A:SLI) and Equinor (NYSE: EQNR), overnight Monday said its South West Arkansas (SWA) project received special designation by the United States as a critical mineral project.
The U.S.-listed shares of Standard Lithium were last seen up 26% at US$1.76 in pre-market trading. Equinor rose 0.4% in New York trading to US$23.13.
The project is the first to be advanced under the Immediate Measures to Increase American Mineral Production executive order issued on March 20 by U.S. President Donald Trump, the company said.
"The streamlined permitting process, combined with federal support, reinforces our project development timeline and positions us well to deliver a low cost, sustainable, and domestic source of lithium critical to advanced energy technologies," said Standard Lithium Chief Executive David Park.
The company added that the joint venture will collaborate with federal, state, and local stakeholders to ensure the project's success and "to contribute to America's leadership" in the critical minerals sector.
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