WionDrive News Desk 
On Wednesday, Australia’s Anson Resources revealed that it would supply 4,000 dry metric tons of lithium carbonate per year from its Paradox Basin project in Utah to South Korean battery giant LG Energy Solution for an initial term period of 5 years.
Lithium has gained significant traction over the past few years going hand-in-hand with the global trend of transitioning into green energy with the use of electric vehicles at the forefront.
However, with decreasing demand for electric vehicles from China, one of the world’s largest EV markets, lithium prices have drastically dipped in the last few months.
Last month, Mineral Resources, one of Australia’s top lithium producers, made it clear that they will go ahead with their lithium production expansion plans, quoting lower lithium prices as the motivating factor.
The Paradox Lithium project, owned by Anson Resources’ unit A1 Lithium, boasts a production capacity of about 10,000 tpa of battery-grade Lithium Carbonate under Phase 1. This project is the company’s lead asset and is facilitated through hydro and solar energy. They will also be supplying U.S.-made lithium to LG Energy.
LG Energy, a supplier of Tesla and General Motors, among other automakers had expressed concerns last week over a decelerating EV demand and laid out its plans to cut its capital expenditure for this year.
