Fortescue cuts 700 jobs, slows down green hydrogen plans
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as main reason for restructuring and layoffs.
Miner Galan Lithium said on Thursday it has signed a five-year agreement with a Glencore unit for supply of lithium chloride concentrate from Galan’s Hombre Muerto West project in Argentina.
Glencore has also offered to provide a financing prepayment facility between $70 million and $100 million to support funding of phase 1 of the project, according to Galan.
The supply agreement will start once commercial production begins at phase 1 of the Argentina project, which is expected in the first half of 2025.
Glencore will have the first right to negotiate for marketing and financing regarding future expansion of phase 2 of the Hombre Muerto West project, Galan said.
(By Shivangi Lahiri; Editing by Shounak Dasgupta)
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