Why Standard Lithium Stock Is On Fire Today
Lithium stock Standard Lithium (NYSEMKT: SLI) is soaring today, up 21.9% as of 1:35 p.m. EDT. With shares tanking a whopping 38.9% over the last three weeks in August, today's jump, backed by an announcement from the lithium development company, is a welcome breather.
Before I tell you what Standard Lithium is up to, remember it's not a lithium mining company. Instead, it uses petrochemical resources to extract lithium directly from saltwater brine, and is developing its 150,000 acre flagship project near El Dorado, south Arkansas in partnership with German specialty chemicals company Lanxess, which already operates three brine processing plants there.
Standard Lithium says its flagship project is the "largest and most advanced" lithium brine project in the U.S. Given that south Arkansas is a brine-rich deposit region and Lanxess already operates three brine processing plants there, investors in lithium see a lot of promise in Standard Lithium and are therefore closely tracking progress at its flagship project.
Source Fool.com
