Eramet says it secured $400m lithium deal with Glencore
PARIS - Eramet said on Wednesday that it had signed earlier this month a $400-million deal with commodities group Glencore to jointly market some 50 000 metric tons of lithium produced on its Argentina site over five years.
The French group said the deal was not yet included in its first-half results reported on Wednesday, Eramet CFO Nicolas Carre told reporters.
The amount of $400-million will be pre-paid in 2023 and the volumes sold over five years at market price, he said.
Eramet said last month that Glencore was among parties to have expressed interest in helping finance its lithium production in Argentina.
Eramet posted a sharp drop in earnings for the first half of the year with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) down 71% on the previous year at 339-million euros ($375.61-million).
The fall was mainly due to lower sale prices across its markets and logistical problems in Gabon, it said.
The group cut its target for full-year EBITDA to 900-million euros from 1.1-billion previously, due notably to a lower-than-expected rebound in the Chinese economy and a drop in the global construction sector.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
