New partnership Canadian miner Frontier Lithium has announced it is establishing cooperation with Mitsubishi Corporation.
The two companies will work together to set up a joint venture partnership “for the PAK Lithium Project mine and planned lithium chemicals conversion facility,” the Canadian business said in a statement. “This JV partnership delivers immediate and near-term financing to aggressively advance the first fully integrated lithium mining and processing operation in Ontario.”
Under the terms of the agreement, Mitsubishi will take over an initial 7.5 percent interest in the Project for C$25 million ($18.4 million).
“Today marks a significant milestone for Frontier Lithium as we progress towards our goal of becoming a key lithium supplier to the North American EV battery materials supply chain. Mitsubishi's investment reflects confidence inOntario's jurisdiction, the quality and scale of our asset, and Frontier's operational expertise,” said Trevor Walker, the president and CEO of Frontier Lithium.