(Corrects company name in headline to Vulcan Energy, not Vulcan Resources)
(Reuters) -Vulcan Energy said on Monday that it has signed an agreement with Glencore to supply the mining giant with lithium hydroxide monohydrate from its Lionheart Project in Europe.
The company will supply Glencore with between 36,000 tonnes and 44,000 tonnes of lithium hydroxide monohydrate over an initial eight-year period, which accounts for about 20% of Vulcan’s current planned output over the period.
The agreement with Glencore follows deals inked with car maker Stellantis, Umicore and LG Energy Solution, and will be the final offtake agreement for Lionheart Project’s Phase One project financing. Vulcan said it is also in discussions with other European automakers.
“Vulcan has now achieved a good mix of offtake partners for Phase One lithium production: an automaker, a battery maker, a cathode manufacturer, and a commodities trader, all with a strong European focus”, said Cris Moreno, the company’s chief executive officer and managing director.
The Lionheart Project, located at the French-German border, is the largest lithium resource in Europe, according to Vulcan.
(Reporting by Nichiket Sunil in Bengaluru; Editing by David Gregorio)
