In the latest deal with an Australian miner, Liontown Resources said Tesla has agreed to buy 100,000 dry metric tonnes of spodumene in the first year before ramping up to 150,000 DMT in for a further four years. Pricing will be determined by a “formula-based mechanism” based off market prices for lithium hydroxide monohydrate.Shares in Liontown rose more than 15 per cent after the announcement of the Tesla deal.
“Tesla is a global leader and innovator in electric vehicles and having it sign up to become a significant customer is a tremendous achievement and another huge vote of confidence in the quality of the Kathleen Valley Project,” said Mr Ottaviano. Construction on the mine is set to begin in the second quarter of 2022 and first production two years later when it hopes to be producing 511,000 tonnes lithium-rich spodumene concentrate.
Liontown last year secured $450 million in funding to proceed with its Kathleen Valley Project, tapping into heightened investor interest amid expectations of soaring prices for lithium.
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »