- ioneer (INR) signs a binding offtake agreement to supply lithium from its Rhyolite Ridge project in Nevada to the Prime Planet Energy & Solutions (PPES) joint venture
- The PPES joint venture is between Toyota Motor Corporation and Panasonic Corporation, a leading battery manufacturer
- Under the agreement, ioneer will deliver 4000 tonnes per annum of lithium carbonate to PPES over a five-year period
- PPES will use the lithium carbonate to produce batteries for electric vehicles in the United States
- Shares in ioneer are up 0.3 per cent and trading at 56 cents at 12:30 pm AEST
ioneer (INR) has signed a binding offtake agreement to supply lithium from its Rhyolite Ridge project in Nevada to the Prime Planet Energy & Solutions (PPES) joint venture.
The PPES joint venture is between Toyota Motor Corporation and Panasonic Corporation, a leading battery manufacturer.
Under the agreement, ioneer will deliver 4000 tonnes per annum of lithium carbonate to PPES over a five-year period.
PPES will use the lithium carbonate to produce batteries for electric vehicles in the United States.
“Having an agreement with ioneer provides PPES a first step in securing a US supply
of lithium, one of the most important parts for corresponding with the fast-growing
electrified vehicle industry,” PPES President Hiroaki Koda said.
“We have confidence in ioneer’s technology of refining sedimentary sourced lithium and their competitiveness, and are expecting it to strengthen the PPES supply chain.”
ioneer is expected to produce roughly 20,600 tonnes of lithium carbonate/hydroxide and 174,400 tonnes of boric acid per year from the Rhyolite Ridge project’s 26-year mine life.
“ioneer is grateful to announce another key milestone for our company with a lithium
carbonate offtake agreement with PPES. PPES is a world-class organisation, and we
look forward to being their trusted partner,” ioneer Executive Chairman James Calaway said.
“This and the previously announced Ford and EcoPro agreements solidify ioneer’s focus on the US electric vehicle supply chain infrastructure.”
Shares in ioneer were up 0.3 per cent and trading at 56 cents at 12:30 pm AEST.