The company responded to a query from the ASX after its shares rose 45% to 21 cents, just short of a record high.
Core Lithium Ltd (ASX: CXO) has announced that the company’s largest shareholder and purchasing partner, China’s Sichuan Yahua Industrial Group, has signed an agreement to supply battery-quality lithium hydroxide to US electric vehicle manufacturer Tesla Inc (NASDAQ ) has signed: TSLA) for the next five years.
This was outlined by Core in response to a query from the ASX, as stocks were up as much as 45% to 21 cents in one day, just below the 21st mark. 1 cent record for the company’s listing in February 2011.
Since the 24. December, shares have more than doubled by 8. 3 cents, while the company’s market capitalization is currently approx. 144 USD. 7 million.
Core’s near-build Finniss Lithium Project in the Northern Territory is expected to be an important source of spodumene concentrate to enable Yahua to fulfill its mandate with Tesla and other customers in the future.
The Finniss Lithium Project is Australia’s most advanced new lithium project at ASX and places Core Lithium at the forefront of new global lithium production.
This project is near-shovel-ready and has been approved by the government to begin construction, mining and production of high quality lithium concentrate.
It is also one of the most capital efficient lithium projects in Australia and arguably has the best logistics chain to the markets of any Australian lithium project.
The project is within 25 kilometers of the port, power station, gas, rail and an hour on an asphalt road to the workforce housed in Darwin and especially to Darwin Port – Australia’s closest port to Asia.
In its response to the ASX, the company also noted that analysts recently reported that lithium prices in China are rising from the 2020 lows, and global electric vehicle sales have hit record highs in recent months.
It states: “Core Lithium is the most advanced new Australian lithium developer on the ASX and there are very few advanced Australian lithium projects where investors can gain exposure to rising lithium prices.
« Core has been keeping the market informed that the company has received interest from new lithium parties in additional binding purchase and customer project funding agreements for the company’s Finniss Lithium project. «
. . .
Stephen Biggins of Core Lithium Ltd (ASX: CXO) caught up with Andrew Scott of Proactive shortly after announcing a number of gold discoveries, including more than 80 gold nuggets up to 5 grams in size in a new, expanded gold -in-soil anomaly at the Bynoe Gold Project in the Northern Territory. . . .
Lithium, Tesla, Inc. . , Core Lithium, share price, ASX: CXO, Lepidico, China
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