Sigma Lithium, based in Vancouver, announced on Thursday 21st September its commitment to deliver more than 20,000 tons of lithium to commodity giant Glencore.
This collaboration comes in response to the increasing demand for this crucial element used in electric vehicle batteries.
The mineral, totaling 22,500 tonnes, will be shipped from Brazil’s Vitoria port this week as part of the partnership between Sigma and the Swiss firm.
Sigma, currently exploring strategic options, including a potential company sale, disclosed that it will receive 50% of the prepayment prior to shipment at a 9% premium compared to the average price of lithium in China, Japan, and South Korea.
The source of this lithium supply is Sigma’s Greentech lithium plant located at the Grota do Cirilo Project in Brazil.
Earlier this year, the company initiated production at the Grota do Cirilo project, with approximately a quarter of the output designated for LG Energy Solution and the remainder intended for sale on the spot market.
