Frontier Lithium and Mitsubishi form JV for Canadian lithium

Canadian miner Frontier Lithium will form a joint challenge (JV) with Japanese conglomerate Mitsubishi Group to reinforce lithium mining and processing in Ontario, Canada.

Canadian lithium

The JV will appearance to increase operations at Frontier Lithium’s PAK lithium mine venture, the second one-largest lithium mine by way of size in North America, and a planned lithium chemical substances conversion facility, the organization said in a press declaration published on Monday.

The deal changed into signed on Saturday. Under the agreement, Mitsubishi will accumulate an initial 7.5% stake in the mission for C$25m. After a definitive feasibility examine (DFS), Mitsubishi may have the right to increase its hobby inside the JV to 25% through the purchase of additional shares at a fee based on the net price of the project, for you to be determined via the DFS, Frontier Lithium stated.

Related news

Frontier Lithium CEO Trevor Walker known as the deal a “sizable milestone” for the agency because it appears to become a key lithium supplier to the North American electric automobile battery substances supply chain. “Mitsubishi’s investment displays self belief in Ontario’s jurisdiction, the nice and scale of our asset, and Frontier’s operational know-how.”

Kota Ikenishi, general manager of the battery minerals office at Mitsubishi, delivered: “PAK is an brilliant lithium project, and we recognize its strategic cost in making sure a steady supply of lithium to North American markets. We are excited to construct a long-term dating with Frontier and leverage our complementary capabilities and capabilities to deliver PAK into manufacturing.”

The pass comes after a recent memorandum of cooperation changed into signed between the governments of Canada and Japan to work greater carefully to set up sustainable and reliable international battery supply chains unbiased of Chinese have an impact on.

The organizations desire to generate investments within the upstream, midstream and downstream sectors, including the mining and processing of lithium and other important minerals, that are essential to the making of electricity transition technologies.

Leave a Reply

Your email address will not be published. Required fields are marked *