Tesla strikes deal with Territory lithium miner Core Lithium
ONE of the world’s biggest electric car and battery makers has signed a deal with Core Lithium to secure supply of the rare earth mineral.
Northern Territory
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ONE of the world’s biggest electric car and battery makers has signed a deal with Core Lithium to secure supply of the rare earth mineral.
Tesla, owned by eccentric American billionaire Elon Musk, has entered into an understanding to buy 110,000 dry metric tonnes off the company of lithium from 2023.
Core Lithium made the announcement to its shareholders on the ASX on Tuesday morning.
The company, based out of South Australia, owns 100 per cent of the Finniss Lithium Project based near Darwin.
Core Lithium managing director Stephen Biggins said Core Lithium and Tesla had entered into a ‘Term Sheet’.
“Core Lithium is thrilled to have reached this agreement with Tesla and look forward to further growing this relationship in the years to come. Tesla is a world leader in electric vehicles and its investment in offtake and interest in our expansion plans for downstream processing are very encouraging,” Mr Biggins said.
The Finniss Project is expected to deliver its first lithium concentrate production in the last quarter of 2022.
The deal between Core Lithium and Tesla will be finalised in a product purchase agreement by August 27 2022, with the first supply to the American tech giant slated for delivery before July 31.
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