The research facility is expected to be operational this year. Pic: janiecbros/ E+ via Getty Images.
Arizona Lithium nabs funding and tax breaks for advanced research facility in Phoenix
Mining
share
Arizona Lithium has accepted a US$1m grant from the Arizona Commerce Authority (ACA) to set up its advanced research facility in Phoenix, Arizona.
The state is home to the company’s Big Sandy lithium project, where a scoping study is currently underway.
The research and processing facility is expected to focus on technological advancements in lithium processing and will advance the battery materials industry in Arizona, with Arizona Lithium (ASX:AZL) planning to create over 300 new jobs as part of the project.
Eligible for US$100m of financial programs
The company is also eligible for financial programs related to capital investment and job creation totalling over US$100m, and says involved efforts to date demonstrate Arizona’s extremely strong support for the project.
“AZL is eligible for specific statutory financial programs in Arizona law that could result in more than US$100m in cost savings for the Project, which has the potential to further improve the economics of Big Sandy,” Arizona Lithium (ASX:AZL) MD Paul Lloyd said.
The research facility is expected to be operational this year.
Arizona State is primed for growth
Arizona state law enables the project to receive grant funding and other statutorily obligated tax exemptions over its life such as property taxes, research and development costs, and some operational expenses.
Lloyd said the decision to build the facility in Arizona was made possible due to the Arizona’s low cost, low regulatory environment, “that is primed for growth”.
“Arizona is committed to be the most pro-business government in the United States,” he said.
“I would like to thank the Governor of Arizona, Doug Ducey, and the ACA for their support in this process, as we continue the fast tracking of the Big Sandy Lithium Project, thereby creating jobs in Arizona, and a more sustainable future for all of America.”
Any cost savings would directly relate to the project’s capital investment and job creation within Arizona’s borders.
This article was developed in collaboration with Arizona Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
