Global battery demand to quadruple by 2030 — report
According to Bain & Company, lithium-ion batteries will remain dominant for the foreseeable future.
Lithium Royalty Corp. (TSX: LIRC) has won its case against Orion Resource Partners regarding a gross revenue royalty on the Thacker Pass project in Nevada that it purchased from Orion for $18.7 million over two and a half years ago.
On Tuesday, Lithium Royalty announced that the Ontario Superior Court of Justice has ruled in its favour, finding that its January 2021 agreement to buy 85% of Orion’s royalty on Thacker Pass was binding and enforceable.
The company initiated the litigation process against Orion last year after it was revealed that the latter had sold 60% of the same royalty to a third party subsequent to their agreement. Looking to enforce its contract and obtain an order for transfer of the royalty, Lithium Royalty applied to the Ontario court.
The next step in the litigation, the court said, will be the assessment of damages owing for the breach of contract by Orion. Lithium Royalty previously said it was seeking damages of $100 million, plus specific performance of the conveyance of Orion’s 40% retained interest in the royalty.
The Thacker Pass project, which hosts one of the largest known lithium deposits in the US, has fought its own legal battles after being challenged on issues such as local wildlife, water pollution and air quality. The mine project was initially approved by the Bureau of Land Management in early 2021.
The top lawyer for project owner Lithium Americas has said it could be free of legal challenges by late summer or early fall. Earlier in the year, a federal court ruling gave the company the greenlight to finally start construction after rejecting claims made by environmental groups.
Shares of Lithium Royalty rose 8.8% by market close Tuesday on the court ruling announcement. The company has a market capitalization of C$280 million ($207m).
