{kanada_flagge}Spey Resources Corp (CSE: SPEY; OTC: SPEYF; FRA: 2JS) and Australian registered Chinese investment bank Richlink Capital Pty Ltd have signed a letter of intent (“LOI”) for an off-take for up to 20,000 tonnes of lithium chloride annually on behalf of two of their major clients active in the lithium chloride/lithium metal markets.
Spey Resources Corp (CSE: SPEY; OTC: SPEYF; FRA: 2JS) and Australian registered Chinese investment bank Richlink Capital Pty Ltd have signed a letter of intent (“LOI”) for an off-take for up to 20,000 tonnes of lithium chloride annually on behalf of two of their major clients active in the lithium chloride/lithium metal markets.
Richlink is a Sydney-based investment bank that serves mostly Chinese and Asian institutions in the lithium markets. The LOI outlines the potential to supply up to 20,000 tons of lithium chloride annually to two Richlink customers from potential future production at the company’s Incahuasi Salar and Pocitos 2 Salar lithium brine projects in Salta Province, Argentina.
The LOI provides for Richlink’s customers to contract for the purchase of a minimum of 10,000 tonnes of lithium chloride from potential future production free-on-board from the port in Antofagasta, Chile. The current reference price quoted by Trading Economics is 577,500 yuan, or the equivalent of $80,375.78 per ton (as of November 4, 2022).
The signing of a definitive agreement by the parties is subject to customary due diligence and, among other things, receipt of all regulatory approvals.
Nader Vatanchi, the Company’s VP of Corporate Finance, stated, “With our Incahuasi project adjacent to Ganfeng’s project and drilling at Pocitos 2 scheduled to commence this month, the LOI is another building block in our journey to successfully develop our lithium projects. We look forward to working with Sam Zheng and George Su in Richlink’s Australian office and their lithium buying clients.”
Vatanchi also shared that the drilling, logistics and legal teams are preparing to begin the next phase of our development work in Argentina. This includes a maiden drill program at Pocitos 2, and a production drill program at Incahuasi. Negotiations are underway with regards to a 1000 tonne mini plant using the EkoSolve DLE lithium system apparently according to sources from EkoSolve.
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