Developer European Lithium can focus on final development steps at its 100%-owned Wolfsberg project in Austria after signing its first offtake agreement, with premium carmaker BMW.
Under their non-binding MoU, the companies will negotiate an exclusive agreement with the manufacturer of BMW, Rolls Royce and Mini brands to purchase all battery-grade lithium hydroxide produced from identified resources at Wolfsberg.
BMW will pay $US15M upfront to support the start of construction and other works, to be repaid against its LiOH deliveries.