Piedmont Lithium amends agreement with Tesla, Inc.

Piedmont Lithium Inc. (ASX: PLL) announced that it had modified its agreement with Tesla, Inc. to deliver spodumene concentrate (SC6) from North American Lithium. Both companies have jointly agreed to amend their earlier offtake agreement with the terms of this new agreement, which are binding for three years and comprises a chance to renew for another three years.

As per the amended agreement, the company has decided to supply approx. 125,000 metric tons of SC6 to Tesla starting from H2 2023 via the end of 2025. The spodumene concentrate pricing will be decided by a formula-based mechanism connected to average market prices for lithium hydroxide monohydrate over the contract period.

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