LSB Industries, Inc. Announces Landmark 5-Year Agreement to Supply Low Carbon Ammonium Nitrate Solution
22 Maio 2024 - 8:30AM
Business Wire
LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU) today
announced that it has entered into a landmark agreement to supply
up to 150,000 short tons per annum of low carbon ammonium nitrate
solution (“ANS”) to Freeport Minerals Corporation (“Freeport”). LSB
will supply the ANS from its El Dorado, Arkansas facility (“El
Dorado”) for 5 years commencing January 1, 2025, with a phasing in
of the low carbon contracted volume.
LSB’s low carbon product offering stems from the carbon capture
and sequestration project that it currently has underway with its
partner, Lapis Energy, who will capture and permanently sequester
more than 450,000 metric tons of CO2 produced annually from El
Dorado’s ammonia production. The carbon sequestration is expected
to result in more than 375,000 tons of low carbon ammonia that LSB
can sell or upgrade and sell to customers in the form of other low
carbon nitrogen products, such as ANS. The project is expected to
commence operations in 2026 pending approval by the Environmental
Protection Agency (EPA) of LSB and Lapis’ Class VI permit
application, which the companies expect to receive in the second
half of 2025.
“This important agreement validates our belief that our
industrial and mining customers will identify the low carbon
nitrogen products that we plan to produce as an important part of
their decarbonization journeys and value them accordingly,” said
Mark Behrman, LSB’s President and CEO. “We view this contract with
Freeport as a major step towards attaining our vision of becoming a
leader in the global energy transition and look forward to
partnering with them as a strategic supplier as they advance toward
their net zero aspiration.”
Freeport intends to use the low carbon ANS purchased from LSB
for its United States copper mining operations.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
is committed to playing a leadership role in the energy transition
through the production of low and no carbon products that build,
feed and power the world. The LSB team is dedicated to building a
culture of excellence in customer experiences as we currently
deliver essential products across the agricultural, industrial, and
mining end markets and, in the future, the energy markets. The
company manufactures ammonia and ammonia-related products at
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma and operates a facility for a global chemical company in
Baytown, Texas. Additional information about LSB can be found on
our website at www.lsbindustries.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240522806037/en/
Investor Contacts: Fred Buonocore, CFA, Vice President of
Investor Relations (405) 510-3550 fbuonocore@lsbindustries.com
Media Contact: David Kimmel, Director of Communications
(405) 815-4645 dkimmel@lsbindustries.com
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