ioneer Signs Binding Lithium Offtake Agreement with Toyota and Panasonic JV
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ioneer Ltd. has signed a binding offtake supply agreement with the Prime Planet Energy & Solutions (PPES) joint venture between Toyota Motor Corporation and Panasonic Corporation, in which ioneer will supply PPES with lithium carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada.
“ioneer is grateful to announce another key milestone for our company with a lithium carbonate offtake agreement with PPES. PPES is a world-class organization, and we look forward to being their trusted partner,” said ioneer’s Executive Chairman, James Calaway.
“This and the previous Ford and EcoPro agreements solidify ioneer’s focus on the U.S. Electric Vehicle supply chain infrastructure. We look forward to providing lithium materials to PPES and all our offtake partners for their growth in the EV global market,” added Calaway.
PPES is a battery production company established through joint-investment between Toyota, the world’s largest automotive manufacturer by revenue, and Panasonic, a leading battery manufacturer. Under the Agreement, ioneer will deliver 4,000 tons per annum (tpa) of lithium carbonate to PPES over a 5-year term. PPES will utilize ioneer’s lithium carbonate to produce batteries for use in U.S. electric vehicles.
ioneer is expected to produce an annual average of approximately 20,600 tonnes of lithium carbonate/hydroxide along with approximately 174,400 tonnes of boric acid per year over the Rhyolite Ridge project’s 26-year life. The dual production of lithium and boric acid allows ioneer to not only produce lithium in the U.S., but to do so at the very bottom of the global cost curve. ioneer anticipates commencing production in 2025 to support urgent requirements for battery materials in the United States.
This agreement follows the two earlier binding offtake agreements and, in total represents the completion of pre-production lithium carbonate supply commitments it currently intends to make for Rhyolite Ridge.
About ioneer
ioneer Ltd is the 100 percent owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The definitive feasibility study (DFS) completed in April 2020 confirmed Rhyolite Ridge as a world-class Lithium and Boron Project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future. In September 2021, ioneer entered a 50/50 joint venture agreement with Sibanye Stillwater to advance the Rhyolite Ridge project and signed a separate offtake agreement with Korea’s EcoPro Innovation in 2021. ioneer will be the operator of the project, which is expected to come onstream in 2025.
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