Growing West Australian lithium company Global Lithium Resources Limited (ASX: GL1) has entered into a 10-year Spodumene Concentrate Offtake Agreement with China’s Suzhou TA&A Ultra Clean Technology Co.
Suzhou TA&A is GL1’s largest shareholder holding 9.4% and has expressed an intention to provide ongoing financial support and construction funding as GL1 progresses its portfolio of lithium projects to the next stage of development.
“As Global Lithium continues to advance our significant West Australian lithium portfolio, having the continued support of a world leader like Suzhou TA&A is truly an exceptional vote of confidence in our Company, our people and our assets,” Global Lithium Non-Executive Chair, Warrick Hazeldine, said.
“Having joined our register in December 2021 as a cornerstone investor, Suzhou TA&A has provided tremendous support in not only maintaining their 9.4% stake but also providing invaluable introductions and assistance, which has led us to signing this Strategic Offtake Agreement.
“We look forward to continuing to work alongside Suzhou TA&A and its associated entities to further develop our lithium assets towards production and beyond.”
Under the terms of the 10-year Agreement, Suzhou TA&A will acquire and take delivery of no less than 30% of available product from GL1’s operations. Suzhou TA&A, subject to agreement by GL1, will then have the opportunity to increase the quantity of product in excess of the agreed 30% base quantity, up to an additional 15% in each contract year.
For further information please visit: https://globallithium.com.au/
