Mitsui & Co. Plans to Invest $30 Million in Nasdaq-Listed Mine Developer Atlas Lithium
By Kosaku Narioka
Mitsui & Co. plans to invest $30 million in Nasdaq-listed lithium mine developer Atlas Lithium in a bid to ensure stable supply of the key mineral used in electric-vehicle batteries.
The Japanese trading company said Thursday that it signed agreements for its equity investment and the right to offtake spodumene concentrate, or lithium ore, from Atlas.
The Florida-based company is developing its Neves lithium mine project in Brazil, which is scheduled to begin production in the fourth quarter of this year. Annual production is expected to reach 300,000 tons of spodumene concentrate, enough for about 1.0 million EVs, Mitsui said.
The development of a reliable supply chain for lithium has become vitally important from an economic security perspective, as lithium has been designated as a critical mineral in many countries, the company said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
March 28, 2024 02:01 ET (06:01 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?