Brief: Element 25 and General Motors Sign Offtake And Funding Agreements

Element 25

26/06/2023 24:55

June 26 (Reuters) - Element 25 Ltd  E25.AX :
    * ANNOUNCES AGREEMENT FOR E25 TO SUPPLY UP TO 32,500 METRIC
TONS
OF MANGANESE SULFATE ANNUALLY TO GM
    * TO SUPPLY GM WITH MANGANESE SULFATE REQUIRED TO SCALE EV
CAPACITY IN NORTH AMERICA BEYOND 1 MILLION UNITS
    * PLANS TO BUILD ITS FIRST MANGANESE SULFATE FACILITY IN
U.S.
WHICH WILL PROCESS MANGANESE FROM ITS BUTCHERBIRD MINE
    * GM ALSO ANNOUNCES DIRECT INVESTMENTS IN LITHIUM, NICKEL,
OTHER
COMMODITIES & CATHODE ACTIVE MATERIALS
    * TO SUPPLY BATTERY-GRADE MANGANESE SULFATE TO GENERAL
MOTORS’ USA
ULTIUM BATTERY PLANTS
    * GM TO PROVIDE US$85 MILLION LOAN TO ELEMENT 25 TO BUILD
ITS
FACILITY IN LOUISIANA
    * SITE PREPARATION IS PLANNED TO BEGIN IN Q3 CY2023, AND
PLANT IS
SCHEDULED TO OPEN IN 2025
    * FACILITY PROJECTED TO CREATE ABOUT 200 PERMANENT JOBS WHEN
FULLY
OPERATIONAL
    * EXPECTS TO INVEST ABOUT $290 MILLION TO BUILD
230,000-SQUARE-FOOT FACILITY

Source text for Eikon:  ID:nASX1nngyT 
Further company coverage:  E25.AX 

 ((Reuters.Briefs@thomsonreuters.com;))