Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
Australia’s Orocobre Ltd said on Monday that two contracts were signed for the supply of battery grade lithium carbonate to Chinese cathode manufacturers from its flagship Olaroz Lithium project.
The Olaroz project in Argentina is a joint venture between Orocobre, Japan’s Toyota Tsusho Corp, and Jujuy Energia y Minera Sociedad del Estado, a mining investment firm owned by the local government.
Orocobre said Toyota Tsusho signed one contract for supply of 7,200 tonnes of battery grade lithium carbonate and a second order for 2,880 tonnes of micronised battery grade lithium carbonate.
The orders will be delivered over three years with the first shipment expected in the March quarter, the company said in a statement.
Last month, Orocobre cut its lithium carbonate sales price for the December quarter to ensure retention of market share, as prices of the metal used in batteries of electric vehicles have plummeted due to lower demand from Chinese customers.
(By Niyati Shetty; Editing by Shailesh Kuber)
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