Vulcan Energy Resources Signs Offtake Agreement With Glencore Unit; Shares Down 4%
MT Newswires Live
Oct 13
Vulcan Energy Resources (ASX:VUL) signed an offtake agreement with a Glencore subsidiary to provide battery-quality lithium hydroxide monohydrate (LHM) from its phase one Lionheart project in the Upper Rhine Valley Brine Field, which spans the border between Germany and France, according to a Monday filing with the Australian bourse.
The deal involves the supply of between 36,000 and 44,000 tonnes of LHM over an initial eight-year period, with an option for mutual extension, the filing said.
The company plans to finalize phase one financing and project agreements in the fourth quarter of the year, according to the filing.
Shares fell more than 4% in morning trade Monday.
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