Lithium Universe (ASX:LU7) has swung its attention from solar panel recycling to reclaim silver back to its lithium production ambitions with a binding offtake deal for spodumene struck with Norah Mining, a privately held entity that, as far as this finance journalist can figure out, is based in Nigeria.
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The ten-year agreement sees supply locked in for LU7’s Becancour refinery, located in the Canadian region of Quebec. Norah will hand over 80,000tpa of spodumene concentrate at a 6% lithium equivalent with Norah’s on-site concentrator from its Nigerian operations, set to be completed at some point this year.
In turn, Lithium Universe will provide technical advice to Norah, as well as holding a “right of first participation in investment in Norah… if a proposed transaction triggers a change of control or material ownership change.”
Interestingly, the chair of Norah Mining is ‘Princess Yemisi Kudehinbu,’ who is also the chair of Nigeria’s British Canadian University and appears to also be a pastor. This finance journalist was unable to ascertain if she actually is a princess in one of Nigeria’s royal lineages, or if that’s just a stylistic decision.
“This agreement is an important milestone in Norah Mining’s progression from development to credible market engagement and validates Norah’s strategy to develop a sustainable, export-oriented lithium concentrate business,” Norah chair Yemisi Kudehinbu said.
“It also aligns with Nigeria’s national ambition, under the leadership of President Bola Ahmed Tinubu, to position the country as a responsible participant in the global critical minerals value chain, particularly in support of the electric vehicle and broader energy-transition markets.
“Norah Mining is supported by an international advisory team from Commscentric Pty Ltd (Australia) led by Benjamin Adebajo.”
LU7 last traded at 1.2cps.
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