Global Lithium Resources Limited (ASX:GL1) Strengthens Partnership with Canmax on Manna Project
Offtake Agreement Variation
Global Lithium Resources Limited has agreed to vary its existing offtake agreement with Canmax, a major shareholder holding 9.6% of shares. The variation removes the mutual termination rights after the previous deadline of 31 December 2024 and maintains the original intent to secure a minimum of 30% of available spodumene concentrate over ten years.
Pricing Terms
Under the revised agreement, contract pricing based on a market price formula will be reviewed within six months following the delivery of a Definitive Feasibility Study on the Manna Lithium Project.
Executive Comments
Global Lithium Resources Managing Director Dr Dianmin Chen said the agreement variation was
testament to the strong strategic partnership between GL1 and Canmax, despite current market
conditions, and pointed to the Chinese lithium hydroxide leader’s confidence in the demand for
spodumene concentrate remaining strong. He added, “The GL1 Board’s refocus on delivering shareholder value from achieving key milestones at Manna was key to us being able to attract more strategic partners like a world lithium chemical leader Canmax to maintain its ongoing interest in sourcing spodumene concentrate from our Manna project in WA.”
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