Australia's Lake Resources rises on lithium offtake deal with S.Korean firm

Lake Resources NL

12/10/2022 24:47

** Shares of lithium explorer Lake Resources  LKE.AX  jump
as much as 6.1% to A$1.05, topping gains on the benchmark index
 .AXJO 
    ** LKE says entered into conditional framework agreement
with South Korean battery maker SK On Co Ltd  urn:newsml:reuters.com:*:nASX5d22JH
    ** Agreement for offtake of up to 25,000 tonnes per annum of
lithium from LKE's Kachi project in Argentina
    ** Deal for initial five-year term, with option for further
five years - LKE
    ** SK On to acquire 10% of LKE via strategic investment -
Lake
    ** LKE stock down 2% this year, as of last close
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))