The company, which received rights to mine lithium in Ukraine, entered into an agreement with BMW.
At the beginning of 2022, European Lithium Limited and the Millstone&Co group agreed on the joint implementation of the Wolfsberg lithium project in Carinthia (Austria). In addition to joint work in Austria, the companies agreed on the joint development of Ukrainian lithium projects, reports Autoconsulting.com.ua
EUR has now signed a memorandum of understanding with BMW to provide Europe’s first selection of lithium hydroxide (LiOH) for batteries. According to the memorandum, the companies will work together to agree on suitable commercial terms for BMW to purchase lithium produced by EUR.
European Lithium Limited grants BMW AG the right of first refusal to purchase 100% of the LiOH produced from specified resources. After concluding binding agreements, BMW will make an advance payment of $15 million.
For this amount, in the future, it will receive the corresponding volume of LiOH. The money will be used to develop the Wolfsberg project.
European Lithium Limited has been present on the Ukrainian market since November 2021. It plans to develop lithium ore deposits in Shevchenkivske and in the Dobra area. Thus, after the company starts mining ores in Ukraine, they will be supplied to BMW.
