Australia's Vulcan Energy jumps on deal to increase production at Germany lithium project

Vulcan Energy Resources

27/06/2023 03:36

** Shares of Vulcan Energy Resources  VUL.AX  climb as much
as 4% to A$3.93, posting their biggest intraday percentage gain
since June 20
    ** The lithium-focussed miner says it signed a binding term
sheet with energy technology firm SLB for Phase-I development of
its Zero Carbon Lithium project in Germany
    ** Says SLB will provide services to bolster
geothermal-lithium brine production at the project
    ** Vulcan will also receive drilling services for a minimum
of 15 production and re-injection wells from SLB for production
of renewable heat and lithium-bearing brine
    ** Stock down 40.3% YTD, as of last close

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))