Vulcan Energy, Australia's lithium supplier, signs agreement with Glencore

Vulcan Energy announced on Monday that they have signed an agreement to supply Glencore with lithium monohydrate hydroxide from their Lionheart Project located in Europe.

Vulcan will provide Glencore between 36,000 and 44,000 tonnes (or about 20 percent) of its current production over a period of eight years.

Glencore's agreement will be the last offtake agreement to finance Lionheart Project Phase One. Vulcan also said that it was in talks with other European automakers.

"Vulcan now has a good mixture of offtake partners in Phase One: an automaker and battery manufacturer, as well as a cathode producer and commodities trader with a strong European emphasis", said Cris M. Moreno.

According to Vulcan, the Lionheart Project is located on the French-German frontier and has the largest lithium resources in Europe. Reporting by Nichiket in Bengaluru, editing by David Gregorio

(source: Reuters)