Oman Investment Authority and LiChem to cooperate in development of lithium refining complex in Oman
Houston, TX, U.S.A. (December 13, 2023) – Oman Investment Authority (“OIA”) and LiChem, LLC (“LiChem”) have entered into a Memorandum of Understanding (“MoU”) to explore the development of a lithium refining complex in the Sultanate of Oman utilizing the patented LiChem Process. LiChem is controlled by The Energy & Minerals Group (“EMG”). EMG, based in Texas, was founded in 2006 and is one of the largest private investors across the natural resources complex globally.
The LiChem Process which is designed to be a low cost, closed loop lithium refining solution has been in development since 2015. The key advantage of the LiChem Process is the use of an alternative reagent compared to the conventional sulfuric acid roast and the Metso/Outotec alkaline high-pressure leach processes widely used across the lithium industry today. Given LiChem’s unique ability to recycle and re-use the relevant reagents, significantly fewer reagents are consumed, resulting in less waste and significantly fewer environmental impacts.
Hisham Al Shidi, Director – Economic Diversification Investments, Oman Investment Authority, stated: “OIA is excited to embark on a collaborative journey with LiChem and EMG, delving into the establishment of a commercial lithium refining complex in Oman through the innovative LiChem Process. The unwavering support from LiChem’s formidable shareholder, EMG, fortifies the project’s capabilities, extending its impact globally. Aligned with Oman’s 2040 vision for economic diversification and the nation’s 2050 goal for net zero emissions, this project stands as a testament to our commitment to sustainability. Leveraging Oman’s business incentives and strategic location, we anticipate this venture to revolutionize the lithium market, adding a new dynamic to our nation’s economic landscape.”
John Raymond, Executive Chairman of EMG & LiChem, stated: “The current lithium supply chain is complex, inefficient, expensive and environmentally degrading. Rapid advancements in new high margin, low carbon lithium refining technologies will be critical in order for the industry to attract the capital required to profitably scale-up to meet growing global demand, while also reducing the damaging environmental footprint currently plaguing the lithium industry.”
John Calvert, Co-CEO of EMG & CEO of LiChem, stated: “Oman is an obvious location to build this industry leading refining complex, given its pro-business environment, long-term vision and leadership, constructive regulatory environment, shipping and geographic advantages, modern infrastructure, large-scale industrial engineering and construction capabilities, and its highly competitive energy supply.”
The United States and the Sultanate of Oman have enjoyed more than 200 years of positive relations and maintain an active bilateral Free Trade Agreement. In furtherance of the special U.S.-Oman relationship, the U.S. Export-Import Bank recently launched a US$500 million initiative to advance clean energy and manufacturing in the Sultanate. We look 2 forward to leveraging these strengths with LiChem’s leading technology to drive in-country value-added industrial development and new employment and training opportunities while producing the most competitive and greenest supply of battery grade lithium.
OIA is the investment arm of the government of the Sultanate of Oman and is in charge of managing Oman’s funds and assets to advance various targeted economic sectors.
LiChem, LLC controls a patented lithium refining solution at reduced costs and lower emissions, helping simplify the complex, inefficient and environmentally challenging lithium supply chain in place today.