Vulcan Energy Secures Lithium Offtake Deal with Glencore

Vulcan Energy Resources Limited has signed a binding offtake agreement with Glencore. This commitment involves the supply of battery-quality lithium hydroxide from Vulcan's Lionheart Project. The project has the capacity to produce sufficient lithium for about 500,000 electric vehicles annually.

The agreement stipulates Glencore's purchase of 36,000 to 44,000 tonnes of lithium hydroxide over eight years. Glencore, headquartered in Switzerland, is a leading natural resource company involved in trading and mining. The deal adds to Vulcan's partnerships with Stellantis, Umicore, and LG Energy Solution, marking the last required agreement for Phase One financing.

The collaboration with Glencore allows Vulcan to expand its European customer base, with potential partnerships with German and European automakers on the horizon. Finalisation of financing and commencement of commercial production are expected in 2025, with full production start slated for 2028.