- Infinity Lithium (INF) enters memorandum of understanding (MoU) with LG Energy Solution
- The South Korean lithium-ion battery producer has agreed to buy 10,000 tonnes of lithium hydroxide per annum from Infinity’s San José Project
- This project is in Spain and is the second largest JORC hard rock lithium deposit in Europe
- While the current deal is a non-binding MoU, the companies have agreed to finalise a binding offtake agreement within the next 12 months
- Company shares are up 6.1 per cent to trade at 8.7 cents at 2:00 pm AEST
Infinity Lithium (INF) has entered a memorandum of understanding (MoU) with South Korean lithium-ion battery producer LG Energy Solution.
Under the non-binding MoU, Infinity Lithium will supply LG with battery-grade lithium hydroxide from its 75 per cent-owned San José Lithium Project.
The five-year deal involves the sale of 10,000 tonnes per annum of lithium hydroxide at a price that is yet to be determined and agreed upon. The amount of product sold may also increase, subject to negotiations.
Infinity CEO and Managing Director, Ryan Parkin, is pleased to have signed the agreement.
“We are delighted to announce the commencement of a long-term commercial relationship with tier one partner LG Energy Solution, welcoming the potential to support a global leading lithium-ion battery producer to secure essential facets of the supply chain,” Mr Parkin said.
The San José Lithium Project is located in Spain and is the second largest JORC hard rock lithium deposit in the European Union.
While the current deal is a non-binding MoU, the companies have agreed to finalise a binding offtake agreement within 12 months of signing the MoU.
Company shares were up 6.1 per cent and were trading at 8.7 cents at 2:00 pm AEST.