At the beginning of 2022, the Austrian mining company European Lithium Limited and the Millstone & Co group of companies agreed to jointly develop Ukrainian lithium projects.
Last week, European Lithium Limited signed a memorandum of understanding with BMW to provide Europe's first production of lithium hydroxide (LiOH) for batteries. According to the memorandum, the companies will work together to agree on appropriate commercial terms for BMW to acquire lithium.
European Lithium Limited grants BMW AG the right to first purchase 100% LiOH produced from certain resources.
Following binding agreements, BMW will make an advance payment of 15 million euros. In the future, she will receive the corresponding amount of LiOH for this amount.
European Lithium Limited has been present on the Ukrainian market since November 2021. It plans to develop the Shevchenkovskoye lithium ore deposits and the Dobra site. Thus, after the company starts mining ores in Ukraine, they will be processed and delivered to BMW.
European Lithium is a listed (ASX: EUR) (FRA: PF8) (OCT: EULIF) exploration and development mining company wholly owned by the Wolfsberg Lithium project in Austria.