Liontown Resources and Tesla execute binding agreement

Liontown Resources Limited (ASX: LTR) announced that it has completed all negotiations and executed the Offtake Agreement with Tesla, Inc. to supply spodumene concentrate from its wholly-owned Kathleen Valley Lithium Project. The five-year terms of the agreement are expected to commence in 2024.

Under the offtake agreement, Tesla will buy 100,000 dry metric tonnes of spodumene concentrate in the first year, and it will increase to 150,000 DMT per annum after the first years. The offtake agreement is the second definitive full form agreement with Tesla secured for Kathleen Valley after the foundational offtake agreement with LG Energy Solutions. The company continues to receive interest from various parties for another third offtake. The company believes that once completed, and it will result in approximately 85% of the production from Kathleen Valley contracted.

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