Francis has been pointing to the alignment of major O&G companies for quite some time in terms of their technical expertise being adapted towards geothermal drilling and DLE. This is Cris Moreno's background and a key part of why he is leading the project on the ground instead of Francis.
On that basis, an O&G major taking an equity stake at the project level in Vulcan's Stage 1 was the obvious strategy. However, given the developments between Vulcan and BASF supporting their decarbonisation agenda, 2D seismic measurements that have already been conducted and the fact BASF is a major cathode producer, why would it not be logical for BASF to source lithium directly from Vulcan potentially as an offtake AND equity partner in the business?
Where does BASF currently get its lithium raw materials from? It must be from an international source and guaranteed to have a much higher embedded carbon footprint that sourcing directly from Vulcan. Seems like a very logical tie-up that would significantly increase the profile of Vulcan in Germany/Europe through such a strategic partnership.
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