In a bid to become the leading lithium hydroxide producer in America, US miner Piedmont Lithium has announced it entered into definitive agreements to set up a strategic partnership with IronRidge Resources (IRR).
Through the purchase of an equity stake in IRR, Piedmont Lithium is set to earn a 50 percent interest in IRR’s Ghana-based lithium port-folio. The miner also signed a binding supply agreement for 50 per-cent of IRR Ghana’s planned spodumene concentrate production, Piedmont Lithium said in a statement.
“Piedmont will invest approximately $15 million … to acquire a 9.47% equity interest in IRR,” according to the statement.
Keith D. Phillips, the president and CEO of Piedmont Lithium, said the company considers “IRR’s Ewoyaa Project to be among the world’s most promising spodumene projects. The high-grade mineral resource is currently modest in scale but offers substantial explora-tion potential, and the project is very well-located, being only 70 miles from a major port.”