Argosy Minerals inks initial terms for lithium supply deal with Mitsubishi
Argosy will supply metals trader Mitsubishi Corp with 2,000 tonnes per annum.
Argosy will supply metals trader Mitsubishi Corp with 2,000 tonnes per annum.
Tianqi's first-half net profit fell 85.2% from the same period a year ago.
Quarterly earnings fell by almost half, even as sales volumes grew.
Lithium is a hot commodity in the mining, manufacturing, energy storage, and automobile industries today.
The commodity research group says prices will remain in the single-digit figures due mainly to an avalanche of new supply.
Market conditions for lithium, a key ingredient in the battery industry, have worsened because of lower demand from Chinese customers.
Ganfeng has completed a $160 million deal to raise its stake in the Cauchari-Olaroz project in Argentina to 50%.
The world’s No. 1 lithium producer is delaying plans to add about 125,000 tonnes of processing capacity.
But Fitch analysts remain positive on both lithium and cobalt and expect prices to recover, as EV demand for both metals catches up to supply.
The lithium miner attributed the charge to the Mt Cattlin mine project's development costs related to its acquisition of General Mining Ltd.