Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Lithium miner Argosy Minerals Ltd said on Friday it has signed a preliminary agreement with a unit of Japan’s Mitsubishi Corp for the supply of lithium carbonate product.
Under the terms of the initial non-binding agreement, Argosy will supply metals trader Mitsubishi Corp RtM Japan Ltd with 2,000 tonnes per annum (tpa) of lithium carbonate product from its flagship Rincon Lithium project in Argentina.
The agreement will be for a three-year period, with an option to extend for a further two years, the company said in a statement.
With the commercial terms of the deal chalked out, Argosy said the two companies will continue ongoing talks to enter a detailed definitive offtake supply deal.
Argosy added that it would continue to prioritise efforts to secure capital expenditure funding for the development of a 2,000 tpa production plant at the Rincon project, in which it owns a 77.5% stake.
(By Rashmi Ashok; Editing by Richard Pullin)
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