Birimian enters into MOU with large Chinese lithium battery manufacturer
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- Memorandum of Understanding (MOU) entered with A$3.6B Hong Kong listed lithium battery manufacturer Far East First New Energy Co
- Agreement is in line with China trend of growing spodumene demand driving vertical integration in the lithium sector
- MOU further supports development of exciting, high grade, bulk tonnage Bougouni Lithium Project
Birimian Limited (ASX:BGS; “Birimian” and “Company” - https://www.youtube.com/watch?v=2g4bWv1edrw) advises that it has entered into a Memorandum of Understanding (MOU) with a leading Chinese lithium battery manufacturer Far East First New Energy Co ("First Battery").
Under the terms of the non-binding MoU, both parties have committed to work to establish cooperation with respect to mine development and potential financing, commencing with an offtake for up to the lower of 200,000 tons per annum (“tpa”) OR 25% of total annual production of +6% spodumene concentrate.
First Battery is a subsidiary of Hong Kong listed company Far East Smarter Energy Co Ltd (capitalised at over 18 billion RMB ~ AUD3.6 billion). The company employs over 3000 people, making lithium batteries for applications from power tools and electronics to large energy storage systems and electric vehicle lithium ion batteries.
Birimian continues to progress discussions with other parties interested in securing supply of chemical grade lithium concentrate, as well as companies interested in developing strategic relationships on the project level.
Birimian continues to advance its high-grade, bulk tonnage, Bougouni Lithium Project in Mali. Second phase drilling is now underway to extend and upgrade the current 15.5Mt @ 1.48% Li2O resource (for 229,000 tonnes contained Li2O). Project evaluation studies are well advanced to define preliminary data associated with mining, processing and capital costs, as part of the Project's scoping study.
For further information contact:
Mr Kevin Joyce
08 9286 3045
Competent Persons Declaration
The information in this announcement that relates to Mineral Resources is based on information compiled by or under the supervision of Mr. Matt Bampton, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Bampton is a full-time employee of Cube Consulting Pty Ltd and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results. Mr Bampton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward Looking Statements
Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.