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| Date | 1 Oct 2024 |
| Time | 07:00:03 |
| Category | Acquisitions and alliances |
| ID | 3051G |
Tuesday, 1 October 2024
London, United Kingdom: Green Lithium, the UK-based, low-carbon lithium refinery developer, has today announced the signing of a memorandum of understanding to develop a lithium supply chain commercial partnership with Rio Tinto, the global metals processing and mining company.
This agreement marks another step for both parties as they look to play a crucial role across the fast-evolving European battery metals value chain. Ultimately, the parties share the vision of building an end-to-end value chain that provides security of supply to safeguard the UK's and EU's automotive and battery manufacturing industries.
Sean Sargent, Chief Executive Officer of Green Lithium, said:
"The EV and battery revolutions are fundamental to reducing the carbon emissions that contribute to global climate change. By building our refineries, we will accelerate the adoption of EVs and sustainable energy storage through the increased supply of low-carbon, battery-grade lithium chemicals. Fulfilling this vision requires the right partners, and in Rio Tinto we have found an exceptional potential commercial partner."
Philippe Bourdages, Vice President in Minerals Sales at Rio Tinto, said:
"Rio Tinto and Green Lithium share ambitions related to decarbonisation and today's announcement is an important step forward in our journey towards unlocking the end-to-end battery metals supply chain in Europe. Alongside Green Lithium, we are looking to supply the global rollout of green battery technology to feed the significant European market demand."
Sarah Jones MP, UK Government Minister for Industry and Decarbonisation, said:
"This is great news for Green Lithium and Rio Tinto and will not only support high-skilled jobs in the North East but boost our critical minerals supply chains as we continue to build a cleaner, greener future for our automotive industry and drive forward our mission to net zero."
Fundraising contacts
Green Lithium is raising capital from corporate/institutional investors. To register interest, please contact a member of the deal team at its lead adviser Stifel Nicolaus Europe.
· Varun Talwar, European Head of Metals & Mining: varun.talwar@stifel.com
· Alex Boyce, Head of Capital Solutions: alex.boyce@stifel.com
· George Moore-Gwyn, Director in Capital Solutions: george.moore-gwyn@stifel.com
ENDS
About Rio Tinto
Rio Tinto is one of the world's leading metals and mining companies with a global workforce of over 49,000 and an extensive portfolio of operating assets spanning across Australia, Asia, North and South America, Europe and Africa. Rio Tinto's minerals product group provides materials essential to a wide variety of industries, ranging from agriculture to renewable energy and electric vehicles. The company produces high-grade, low-impurity iron ore pellets and concentrate, titanium dioxide and borates from operations in Africa, Canada and the US, and has a growing presence in other battery metals, including lithium.
For more information, please contact: media.enquiries@riotinto.com
About Green Lithium
Green Lithium Refining Limited (Green Lithium) is an innovative mineral processing company with plans to build and operate a large-scale lithium refinery in the Teesside, United Kingdom, and provide high-purity lithium chemicals to the UK and EU markets. The company will harness industry-leading process technology enabling clean, low-carbon processing of high volumes of hard-rock, unrefined lithium mineral spodumene concentrate. At present, the battery-metal supply chain is dominated by East Asia. There is no refining capability in Europe despite a significant market opportunity. Working with key strategic partners to address the need to improve the European battery-metal supply chain, Green Lithium will support the low-carbon ambitions of society to transition to the future green economy.
For more information, please contact: communications@greenlithium.co.uk