Advanced Northern Territory lithium developer, Core Lithium, has reached an agreement to supply 300,000 dry metric tonnes of spodumene concentrate to Ganfeng, one of the world’s largest lithium producers.
Under the agreement, Core will supply 75,000tpa of spodumene concentrate from its Finniss Lithium Project over the next 4 years, with Ganfeng also agreeing to a A$34 million equity investment into the company at an issue price of 33.8 cents per share.
Core said the agreement with Ganfeng, combined with the previously announced binding offtake agreement with Yahua, meant that approximately 80% of the project’s production over the first 4 years of mine life has already been contracted.
Core’s Managing Director, Mr Stephen Biggins, said the offtake and equity investment by Ganfeng represented ‘a transformational moment’ for the company.
“Ganfeng has a proven track record of investing in high-quality lithium projects across the world and of being a strong and supportive offtake partner,” Mr Biggins said.
“We welcome Ganfeng’s participation with Core, and look forward to developing a long-lasting, mutually beneficial relationship with them.”
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