Albemarle quarterly profit jumps nearly fivefold on rising lithium demand
The miner posted second-quarter net income of $424.6 compared to $85.6 million in the year-ago quarter.
The miner posted second-quarter net income of $424.6 compared to $85.6 million in the year-ago quarter.
The lithium market is expected to see shortages as early as 2022.
Piedmont had been set in the initial contract to begin supplying Tesla between July 2022 and July 2023.
Vulcan will supply 6,000 to 17,000 tonnes of lithium annually to the French automaker.
The lithium shipment is the culmination of a decade's research to catapult Rio Tinto into battery minerals.
The project would become one of the largest US producers of the electric vehicle battery metal.
The formula for Kryptonite in the Superman series is the closest match to the lithium-boron chemistry of the Serbian find.
Four environmental groups sued to block the mining project earlier this year, arguing it could harm sage grouse and other wildlife.
"Lithium M&A likely a formality in the coming years" as Rio Tinto plans $2.4 billion mine in Serbia from entirely new mineral source – jadarite.
The ruling marked a rare win for a US critical minerals project.