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Piedmont Lithium Amends Deal With Tesla To Supply Spodumene Concentrate From North American Lithium
(RTTNews) - Piedmont Lithium (PLL, PLL.AX) announced Tuesday that it has amended its agreement with Tesla, Inc. (TSL) to supply the U.S. automaker with spodumene concentrate or SC6, from North American Lithium or NAL.
Piedmont and Tesla have mutually agreed to amend their previous offtake agreement with the terms of this new agreement, which are binding for a three-year term and include an option to renew for another three years.
Under the amended agreement, Piedmont has agreed to deliver approximately 125,000 metric tons of SC6 to Tesla beginning in second half of 2023 through the end of 2025.
According to the terms, the SC6 pricing will be determined by a formula-based mechanism linked to average market prices for lithium hydroxide monohydrate throughout the term of the agreement.
The pricing received by Piedmont under the agreement with Tesla will be determined by market prices at the time of each shipment.
Spodumene concentrate production is expected to restart at NAL in the first half of 2023, with first commercial shipments expected to begin in the third quarter of 2023.
Piedmont plans to deliver SC6 to Tesla from NAL under Piedmont's offtake agreement with Sayona Quebec, which entitles Piedmont to purchase the greater of 113,000 metric tons per year or 50% of SC6 production.
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