Ioneer (ASX:INR) strikes supply deal with Toyota & Panasonic JV - Prime Planet
Kalkine Media
Published Aug 01, 2022 23:10
Ioneer (ASX:INR) strikes supply deal with Toyota & Panasonic JV - Prime Planet
- ioneer has agreed supply lithium carbonate to Prime Planet from its Rhyolite Ridge Lithium-Boron Project.
- Prime Planet is a battery manufacturing company and a joint venture between Toyota Motors and Panasonic.
- ioneer will supply 4000 tonnes of lithium per annum over a period of five years to Prime Planet.
Australian lithium producing firm Ioneer Ltd (ASX:INR) announced on 1 August 2022 that it has signed a binding offtake agreement with Prime Planet Energy & Solutions. Prime Planet is a joint venture between Toyota Motor Corp (TYO:7203) and Panasonic Corp (TYO:6752).
As per the deal, ioneer has agreed to supply lithium-carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada, United States.
Backed by this significant update, ioneer shares were trading at AU$0.572 apiece, 2.232% at 11:30 AM AEST on the ASX today (1 August).
h2 Details about ioneer’s agreement with Prime Planet:/h2According to the terms of the agreement signed between the lithium producer and Prime Planet:
- ioneer will be delivering around 4,000 tons per annum of lithium carbonate to Prime Planet.
- The duration of the supply is for a term of five years.
Prime Planet is a US-based battery production firm. The company is established through a joint venture between one of the automobile manufacturers, Toyota and a battery-producing giant, Panasonic.
Lithium carbonate supplied by ioneer will be used by Prime Planet to produce electric vehicle batteries in the United States.
On the other hand, ioneer is expected to produce approximately 20,600 tonnes of lithium carbonate/hydroxide per annum. Along with that, the company is also expected to produce 174,400 tonnes of boric acid in a year for over 26 years of the life of the Rhyolite Ridge project.
h2 Summary of ioneer’s share price performance on the ASX:/h2While the share price of ioneer has gained significantly by 31.40% on the ASX in last one year, it has declined by 32% on year-to-date basis (as of 12:36 PM AEST on the ASX today).
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Written By: Kalkine Media
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