Tesla Signs Five-Year Deal to Buy Lithium Ore
Australian miner Piedmont Lithium (NASDAQ: PLL) has signed a major deal with Tesla (NASDAQ: TSLA). Piedmont has agreed to supply the electric-vehicle maker with high-grade lithium ore from its deposit in North Carolina for five years, beginning sometime after mid-2022.
Piedmont said that it has agreed to supply Tesla's Nevada battery factory with at least 160,000 tons per year of spodumene concentrate (or "SC6"), a concentrated lithium ore, for the term of the deal. The deal is expected to generate between 10% and 20% of the total revenue from Piedmont's proposed mining and refining project at its North Carolina site.
Source Fool.com
