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Alkemy Capital Investments PLC said on Wednesday it has signed an agreement to supply battery-grade lithium hydroxide to the FTSE 100 miner and commodities trader Glencore PLC. In terms of the five-year binding offtake agreement, the London-based, critical minerals-focused investor will supply 10,000 tonnes of battery-grade lithium hydroxide annually to Glencore from its refinery Tees Valley Lithium in Teesside, north east England. Shares in Alkemy Capital were up 26% to 396.00 pence on Wednesday morning in London. Earlier in the trading session, they set a new 52-week high of 440.00p. In London, Glencore shares were up 0.5% to 506.40p on Wednesday morning, and they were up 0.7% to R 110.87 in Johannesburg. Alkemy Capital said deliveries are aligned with the planned start of production, currently targeted for early 2028. Tees Valley Lithium is developing a lithium hydroxide refinery in Teesside, with an initial first train capacity of 25,000 tonnes per annum. The project is finalising its front-end engineering design study ahead of a final investment decision. In June last year, Alkemy Capital reported £250 million in capital expenditure for the project. ‘This binding offtake agreement with Glencore represents a major milestone for Tees Valley Lithium and a significant endorsement of the project’s strategic importance,’ Tees Valley Lithium Chief Executive Officer Vikki Jeckell said in a statement on Wednesday. ‘The battery grade lithium produced at the refinery will enable us to support the ambitions of our customers across the UK and international markets,’ Robin Francois, head of lithium marketing at Glencore commented said. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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