Liontown ships first lithium cargo to LG Energy Solution
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The news: Lithium miner Liontown Resources has shipped its first cargo of spodumene concentrate to LG Energy Solution, under its long-term supply partnership with the South Korean battery producer.
The numbers: Liontown shares opened 1.6% lower at 60 cents after the announcement.
The shipment, carrying 33,000 wet metric tonnes of spodumene concentrate, set sail from the Port of Geraldton in Western Australia today.
It marks the fourth and largest cargo shipped since Liontown's flagship Kathleen Valley operation began production in September.
The context: In July, Liontown extended its five-year offtake agreement with LG Energy Solution by a further 10 years. Under the terms of the deal, Liontown will provide 700 kilotonnes of spodumene concentrate over the first five years and 1,500 kilotonnes over years six to 15 in aggregate.
What they said: "We have now shipped one cargo per month since our first cargo in September, generating revenue and demonstrating continued progress on our ramp up towards becoming a reliable, major supplier of lithium to the global market," Liontown's managing director and CEO Tony Ottaviano said.
The source: ASX announcement
