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Australia's Liontown Resources said Wednesday it had signed a five-year deal with Tesla to supply spodumene concentrate to the electric car maker, a move that also sent the lithium miner's shares up nearly 20 percent
.
Starting in 2024, Tesla will buy 100,000 tons of (dry) concentrate in the first year, increasing to 150,000 tons
per year in subsequent years.
Lithium prices have soared
over the past few years.
In 2021 in particular, suppliers are scrambling to meet demand
as automakers favor electric vehicles and prices are about eight times higher than at the beginning of 2021.
Liontown will supply lithium through its flagship project in Western Australia, Kathleen Valley Lithium, which is expected to begin commercial production
in 2025.
Supply to Tesla will account for about
one-third of the project's annual production capacity.
In addition, Liontown has also entered into a lithium supply agreement
with the battery division of LG Chem in South Korea.
Liontown shares rose as much as 19.
8% to $1.
665, their biggest intraday gain since September 13
, 2021.
Australia's Liontown Resources said Wednesday it had signed a five-year deal with Tesla to supply spodumene concentrate to the electric car maker, a move that also sent the lithium miner's shares up nearly 20 percent
.
Starting in 2024, Tesla will buy 100,000 tons of (dry) concentrate in the first year, increasing to 150,000 tons
per year in subsequent years.
Lithium prices have soared
over the past few years.
In 2021 in particular, suppliers are scrambling to meet demand
as automakers favor electric vehicles and prices are about eight times higher than at the beginning of 2021.
Liontown will supply lithium through its flagship project in Western Australia, Kathleen Valley Lithium, which is expected to begin commercial production
in 2025.
Supply to Tesla will account for about
one-third of the project's annual production capacity.
In addition, Liontown has also entered into a lithium supply agreement
with the battery division of LG Chem in South Korea.
Liontown shares rose as much as 19.
8% to $1.
665, their biggest intraday gain since September 13
, 2021.
