Frontier Lithium, Mitsubishi form JV for Canadian lithium operations

Frontier Lithium

04/03/2024 13:51

March 4 (Reuters) - Canadian miner Frontier Lithium
 FL.V  said on Monday it is forming a joint venture with
Japanese trading house Mitsubishi  8058.T  to help advance
lithium mining and processing in Ontario.
    Frontier aims to become a major supplier of the commodity, a
key mineral used in batteries for electric vehicles, to the
North American supply chain.
    The partnership will help finance Frontier's PAK Lithium
Project mine in Ontario and a planned lithium chemicals
conversion facility, Frontier said.
    As per the terms of the agreement signed last week,
Mitsubishi would buy a 7.5% stake in the project for C$25
million ($18.44 million), with an option to increase it to 25%.
    The PAK Lithium project encompasses about 27,000 hectares of
land in Ontario, with two spodumene-bearing lithium deposits
delineated since 2013. Spodumene concentrate is a type of
lithium mineral ore.

($1 = 1.3560 Canadian dollars)

 (Reporting by Kabir Dweit in Bengaluru; Editing by Saumyadeb
Chakrabarty)
 ((Kabir.Dweit@thomsonreuters.com;))