January 20, 2020 / 4:31 AM / a month ago

Australia's Orocobre signs lithium supply deals with Chinese firms

Jan 20 (Reuters) - Australia’s Orocobre Ltd said on Monday that two contracts were signed for the supply of battery grade lithium carbonate to Chinese cathode manufacturers from its flagship Olaroz Lithium project.

The Olaroz project in Argentina is a joint venture between Orocobre, Japan’s Toyota Tsusho Corp, and Jujuy Energia y Minera Sociedad del Estado, a mining investment firm owned by the local government.

Orocobre said Toyota Tsusho signed one contract for supply of 7,200 tonnes of battery grade lithium carbonate and a second order for 2,880 tonnes of micronised battery grade lithium carbonate.

The orders will be delivered over three years with the first shipment expected in the March quarter, the company said in a statement.

Last month, Orocobre cut its lithium carbonate sales price for the December quarter to ensure retention of market share, as prices of the metal used in batteries of electric vehicles have plummeted due to lower demand from Chinese customers. (Reporting by Niyati Shetty in Bengaluru; Editing by Shailesh Kuber)

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