Lake Resources and Ford Sign Lithium Memorandum of Understanding

An Australian lithium specialist, Lake Resources, has signed a memorandum of understanding with Ford to negotiate the withdrawal of lithium from the Lake’s Kachi project (Argentina).

The proposed withdrawal is approximately 25,000 tonnes per year of lithium from the Kachi project.

Lake said a strategic collaboration between Ford and Lake will complement the collaboration with Hanwa to fully develop a “clean lithium supply chain” to meet global environmental requirements for electric vehicles.

“As we’ve shared, Ford is sourcing deeper into the battery supply chain,” said Lisa Drake, Ford vice president, EV Industrialization.

“This is one of many deals we are exploring to help us secure raw materials to support our aggressive acceleration of electric vehicles,” she said. “Lake and Ford see this as an opportunity for a potential long-term agreement with the ability to increase environmentally friendly production and participate in Lake’s other projects to ensure high-quality lithium products are available for Ford,” said Steve Promnitz, Lake manager. Director, said.

“This MoU with Ford supports Lake’s strategy to be a key independent supplier in global lithium supply chains and to provide security of supply for customers.”

Lake Chairman Stu Crow said project finance is increasingly tied to ESG credentials and investors, debt providers, buyers and their customers are demanding that new lithium projects meet ESG standards. strict.

“Client scrutiny from customers and consumers regarding the environmental and ethical credentials of lithium production drives our focus on sustainable extraction,” Crow said.

“Lake Resources is committed to integrating sustainable development practices into all of its operations, minimizing its environmental footprint and contributing to a clean energy future.

“This Memorandum of Understanding with Ford follows the Hanwa Memorandum of Understanding. With the indicative provision of debt financing from UK and Canadian Export Credit Agencies for approximately 70% of the Kachi project capital requirements , this provides a framework to support Lake’s TARGET 100 program, which aims to produce 100,000 tonnes of high-purity chemical lithium annually in the marketplace by 2030,” he said.