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Highlights:
- ioneer has agreed supply lithium carbonate to Prime Planet from its Rhyolite Ridge Lithium-Boron Project.
- Prime Planet is a battery manufacturing company and a joint venture between Toyota Motors and Panasonic.
- ioneer will supply 4000 tonnes of lithium per annum over a period of five years to Prime Planet.
Australian lithium producing firm ioneer Ltd (ASX:INR) announced on 1 August 2022 that it has signed a binding offtake agreement with Prime Planet Energy & Solutions. Prime Planet is a joint venture between Toyota Motors Corporation and Panasonic Corporation.
As per the deal, ioneer has agreed to supply lithium-carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada, United States.
Backed by this significant update, ioneer shares were trading at AU$0.572 apiece, 2.232% at 11:30 AM AEST on the ASX today (1 August).
Details about ioneer’s agreement with Prime Planet:
According to the terms of the agreement signed between the lithium producer and Prime Planet:
- ioneer will be delivering around 4,000 tons per annum of lithium carbonate to Prime Planet.
- The duration of the supply is for a term of five years.
Prime Planet is a US-based battery production firm. The company is established through a joint venture between one of the automobile manufacturers, Toyota and a battery-producing giant, Panasonic.
Lithium carbonate supplied by ioneer will be used by Prime Planet to produce electric vehicle batteries in the United States.
Image source: © Malpetr | Megapixl.com
On the other hand, ioneer is expected to produce approximately 20,600 tonnes of lithium carbonate/hydroxide per annum. Along with that, the company is also expected to produce 174,400 tonnes of boric acid in a year for over 26 years of the life of the Rhyolite Ridge project.
Summary of ioneer’s share price performance on the ASX:
While the share price of ioneer has gained significantly by 31.40% on the ASX in last one year, it has declined by 32% on year-to-date basis (as of 12:36 PM AEST on the ASX today).
