Wednesday, 23 January, 2019

Australia's Kidman Resources to supply lithium hydroxide to Tesla

Australia's Kidman Resources to supply lithium hydroxide to Tesla Australia's Kidman Resources to supply lithium hydroxide to Tesla
Jean Garcia | 17 May, 2018, 19:32

The initial three-year deal is based on a fixed-price, take-or-pay arrangement and has two three-year extension options. "The other commercial terms of the Agreement are strictly confidential".

Lithium developer Kidman Resources (ASX:KDR) has entered a binding agreement to provide lithium hydroxide to electric vehicle company Tesla.

An Australian company has landed a deal with Elon Musk's electric auto firm Tesla to supply a key ingredient to power the electric vehicles.

WAL was borne from a $US110 million ($146.3 million), 50-50 deal between Kidman and Sociedad Quimica y Minera de Chile (SQM) for the development of a refinery at the Mt Holland lithium mine near Southern Cross, WA.

Gigafactory 1 is now only producing at a fraction of its planned total capacity and this new deal might not even be for lithium to supply the plant.

VideoA new lithium plant in Kwinana is expected to create thousands of new jobs.

GTA V has shipped 95 million copies, so close to 100 million
Besides, the company has also reported that its recently launched GTA V Premium Online Edition has performed above expectations. As we told you before , it is a version that includes the base game, as well as several bonuses for Grand Theft Auto Online .

Kidman is forecasting first lithium concentrate production in the 2nd half of 2019, with the first lithium hydroxide / carbonate production to come in the 2nd half of 2021.

Earlier this month the joint venture partners secured a refinery site at Western Australia's new Kwinana Strategic Industrial Area (SIA).

"The Tesla agreement is an important milestone for Kidman".

"To date, expressions of interest from these parties have materially exceeded Kidman's portion of initial refinery nameplate production", the company said.

"It further validates our strategy of being an ASX-listed manufacturer of battery-grade refined lithium", managing director Martin Donohue said.

This is the first off-take deal for Kidman and the company is continuing talks with other parties with a view to securing additional supply deals.

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