Anson Resources Secures $212 Million Tax Credit for Lithium Project
News related to:Anson Resources Limited · 1 min read
Anson Resources Limited has secured a significant tax credit of approximately $212 million from the Utah Governor's Office of Economic Development (GOED) to support the development of its Green River Lithium Project. This approval is part of the state's Rural Economic Development Tax Increment Financing (REDTIF) program, which offers post-performance, refundable tax credits to businesses developing operations in smaller communities.
The tax credit is based on a projection of incremental state tax revenues expected over 20 years of the project's operation, estimated at approximately $425 million. This financial incentive, coupled with an earlier tax rebate from the Utah Inland Port Authority (UIPA), brings the total financial support to the Green River Lithium Project to US$406,514,271 (A$569,119,979).
According to Bruce Richardson, Executive Chairman and CEO of Anson Resources Limited, "This approval from the GOED Board is a strong indication of the support we have received from the Government of Utah. The Company is committed to working with both state and federal representatives to explore additional incentive programs that will add value to the project without diluting the interests of our shareholders."
The Green River Lithium Project is a 100% owned subsidiary of Anson Resources Limited, focusing on the development of a lithium project in Green River, Utah. The project aims to leverage the region's potential for lithium extraction and contribute to the growing demand for lithium in the battery industry.
Richardson added, "The tax credit is part of the ongoing discussions with the Government of Utah, reflecting the long-term relationship that the Company has been developing. We are optimistic about the future of this project and the broader economic benefits it will bring to the region."
Anson Resources Limited continues to engage with GOED and other governmental entities to explore additional incentives that will support the project's financial viability and ensure a successful outcome.