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Stardust Power (NASDAQ: SDST), an American developer of battery-grade lithium products, officially broke ground this week on its $1.2 billion refinery at the Southside Industrial Park in Muskogee, Oklahoma.
The ceremony was held on Jan. 22, with senior officials from Stardust Power, Lieutenant Governor Matt Pinnell, and the Mayor of Muskogee, Patrick Cale, in attendance. Other state and local officials were also present.
Stardust Power’s stock fell nearly 28% to $1.40 by 1:50 p.m. in New York, having hit a 52-week low of $1.30 earlier. The company has a market capitalization of $67 million.
Stardust Power acquired its 66-acre (approximately 267,000 square metres) site located near the Port of Muskogee in December 2024. It follows an independent environmental assessment in 2023 that determined this property is well suited for the construction of a lithium refinery.
The shovel-ready is in proximity to the country’s largest inland waterway system and robust road and rail networks
According to the company, the shovel-ready site benefits from many construction and operational advantages, such as proximity to the country’s largest inland waterway system, robust road and rail networks, and access to a skilled workforce rooted in the oil and gas sector.
The site also offers the potential for future expansion, as it is located next to a 40-acre parcel of land which the company has a right of first refusal on.
Stardust Power CEO Roshan Pujari said the lithium refinery — which would be the largest of its kind in America — “will be crucial for addressing US national security and supply chain risks.”
“By onshoring critical mineral manufacturing, we are helping to sustain America’s energy leadership. With the land acquired and necessary construction permits secured in 2024, we are excited to break ground and begin construction.”
“Stardust Power’s decision to break ground on its lithium refinery in Muskogee is a significant step forward for Oklahoma’s role in reinforcing our critical mineral supply chains and bolstering national security,” added Lieutenant Governor Pinnell.
The project will be developed in two phases, with the first phase focused on constructing a production line capable of producing up to 25,000 tonnes per annum. The second phase will add a second production line, bringing the total capacity to 50,000 tonnes.
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