Green Technology Metals finalises Ontario’s first binding lithium offtake
Melbourne, Victoria
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September 06, 2023 12:45 PM Eastern Daylight Time
Green Technology Metals Ltd (ASX:GT1) CEO Luke Cox speaks with Proactive after announcing the company has signed an offtake agreement to supply LG Energy Solution with 25% of all spodumene concentrate produced from the Seymour Lithium Project for five years. The full-form offtake agreement follows an offtake term sheet and equity subscription agreement executed in May that saw LG Energy Solution invest $20 million and become Green Technology Metals’ second largest shareholder. LG Energy Solution is part of LG Group and is a global leader and innovator in EV battery manufacturing. This is the first lithium offtake agreement to be secured in Ontario, creating a strategic alignment within the province's critical minerals supply chain.
“The agreement delivers strategic alignment within Ontario’s critical minerals supply chain and marks the first definitive lithium offtake agreement for Ontario.
"Importantly, it builds additional capabilities for GT1 as we advance our flagship Seymour Project and lithium chemical plant, in line with the company’s strategy to become the first lithium producer in Ontario with vertical integration,” said Cox.
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