Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes per year of Lithium Carbonate
TORONTO, Jan. 9, 2013 /CNW Telbec/ – Canada Lithium Corp. (TSX: CLQ) (U.S. OTC: CLQMF) announced today it has signed a three-year Distributorship Agreement with Marubeni Corporation, one of Japan's largest commodities trading companies. The Agreement provides for Marubeni to exclusively distribute Canada Lithium's battery-grade lithium carbonate in Japan for an initial three-year period beginning in 2013, with the option to extend the Agreement for a subsequent three-year term commencing in 2016. Under the terms of the Agreement, Marubeni will purchase a minimum 2,000 tonnes of lithium carbonate in 2013. It holds an option to increase the off-take to 5,000 tonnes by 2015.
The first shipment to Marubeni will commence in July 2013. Marubeni will purchase the lithium products Free on Rail (FOR) in Val d'Or, Québec.
In November 2012, Canada Lithium Corp. announced a five-year off-take agreement with Tewoo ERDC (TianjinProducts and Energy Resources Development Co., Ltd.), one of China's larger commodities traders, for a minimum annual commitment of 12,000 tonnes of battery-grade lithium carbonate beginning in 2013. In the event Tewoo triggers a clause allowing for an additional 20% off-take in 2014, Canada Lithium could deliver to Tewoo up to a maximum 14,400 tonnes during calendar year 2014 and in the years following.
The project continues to meet its milestones with the production of the first spodumene concentrates from the flotation plant at the end of December 2012. Commissioning of the flotation plant is on-going and commissioning of hydrometallurgical sections of the processing plant is now under way. The first shipment of lithium carbonate under the five-year Tewoo off-take agreement is scheduled for end-March 2013. The 20,000-tonne-per-annum lithium carbonate processing plant is scheduled to complete ramp-up to full production by Q4, 2013.