Hello everyone, today Xiaobian has come to share the latest information with you. Australian lithium miner Liontown Resources reportedly announced on Wednesday that it has signed a 5-year spodumene concentrate supply agreement with Tesla. After the news came out, the stock price of the lithium mining company rose by nearly 20%, let's take a look at it with the small editor.
Liontown said that starting in 2024, Tesla will purchase 100,000 dry metric tons of spodumene concentrate in the first year, and the annual annual procurement volume in the next four years will increase to 150,000 dry metric tons per year. Liontown will supply lithium ore from its Kathleen Valley lithium mine project in Western Australia, which is expected to begin commercial production in 2025.
Specifically, starting in 2024, Tesla will purchase 100,000 dry metric tons (DMT) of lithium concentrate in the first year and increase to 150,000 dry metric tons per year in subsequent years.
As of Wednesday morning, Liontown surged 14.39% to $1.59, opening to a high of $1.665, or 19.8%, the biggest intraday gain since September 13, 2021. In addition, just last month Liontown signed a 5-year lithium ore supply agreement with South Korea's LG Chem.
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