European Lithium Limited (ASX: EUR) announced that it had entered into a binding long-term lithium offtake agreement through its 100%-owned Austrian subsidiary ECM Lithium AT GmbH with auto manufacturer Bayerische Motoren Werkte Aktiengesellschaft (BMW) to secure its first offtake of battery grade lithium hydroxide (LiOH) from its Wolfsberg Lithium Project in Austria.
ECM has allowed BMW the first right to acquire 100% of the LiOH produced from the recognized resources at Wolfsberg. Entering into its first offtake agreement is an important milestone that will help the company to focus on the final steps of development and construction of the Wolfsberg Project. At the same time, it looks to the future and builds a portfolio of potential battery metals projects situated in Europe. Under the agreement, BMW will make an advance payment of US$15 million to ECM to be repaid via equal set-offs against LiOH delivered to BMW.
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