ASX-listed Liontown Resources signs a deal with US motoring giant Ford to develop a $545 million lithium mine to supply the metal used in electric vehicle batteries.
As part of the deal, Ford will provide Liontown with a $300 million loan to fund the project's development.
"The signing of our third and final foundational offtake agreement is a momentous milestone for Liontown and the Kathleen Valley project, with approximately 90 per cent of Kathleen Valley's start-up capacity now under secured long-term binding offtake agreements," he said. "Ford continues working to source more deeply into the battery supply chain to meet our goals of delivering more than two million electric vehicles annually for our customers by 2026," she said.
Liontown Resources placed an order for a semi-autogenous grinding mill, worth $10 million, in January.
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