According to The Australian Financial Review, Galaxy Resources has inked an agreement with Tesla battery supplier Panasonic.
Battery makers like Japan's Panasonic have been looking to lock in supplies of high quality lithium to ensure they have enough material to meet demand for their lithium-ion batteries, used to power electric vehicles.
Sources told this column managing director Anthony Tse, chairman Martin Rowley and other directors were in Japan for a signing ceremony two weeks ago. Shipping data also shows product from Mt Cattlin being shipped to Japan.
Galaxy, capitalised at $1.1 billion, is one of the few producers that hasn't locked all of its slated production into agreements with long-term customers.
Galaxy currently supplies spodumene concentrate produced from its Mt Cattlin mine in Western Australia to lithium converters in China, which then make the lithium chemical used by battery manufacturers.
It has agreements to sell 120,000 tonnes of concentrate from Mt Cattlin in 2017 and is expected to announce a 2018 offtake agreement before the end of the year.
Ref: http://www.afr.com/street-talk/galaxy-resources-strikes-deal-with-japans-panasonic-sources-20171002-gyt44m
If you want to read this article in Japanese, please see the following link:
https://www.j-abc.com/jp-blog/2554798
Battery makers like Japan's Panasonic have been looking to lock in supplies of high quality lithium to ensure they have enough material to meet demand for their lithium-ion batteries, used to power electric vehicles.
Sources told this column managing director Anthony Tse, chairman Martin Rowley and other directors were in Japan for a signing ceremony two weeks ago. Shipping data also shows product from Mt Cattlin being shipped to Japan.
Galaxy, capitalised at $1.1 billion, is one of the few producers that hasn't locked all of its slated production into agreements with long-term customers.
Galaxy currently supplies spodumene concentrate produced from its Mt Cattlin mine in Western Australia to lithium converters in China, which then make the lithium chemical used by battery manufacturers.
It has agreements to sell 120,000 tonnes of concentrate from Mt Cattlin in 2017 and is expected to announce a 2018 offtake agreement before the end of the year.
Ref: http://www.afr.com/street-talk/galaxy-resources-strikes-deal-with-japans-panasonic-sources-20171002-gyt44m
If you want to read this article in Japanese, please see the following link:
https://www.j-abc.com/jp-blog/2554798
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