Shares in Australian junior Piedmont Lithium (ASX: PLL) climbed almost 84% on Monday in Sydney after it confirmed it had signed a sales agreement with Tesla to supply the electric cars maker with high-purity lithium ore mineral for up to ten years.
Piedmont accidentally released the announcement last week, following the hyped “Tesla Battery Days”, but the Australian Stock Exchange said it would not publish it then.
The initial five-year agreement will see Piedmont supplying about a third of its planned 160,000-tonnes-per-year spodumene concentrate from its deposits in North Carolina. Both companies can then extend the contract for another five years.
Piedmont president and chief executive officer, Keith Phillips, said the deal represented the start of the first domestic lithium supply chain in the United States.
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