Long Shortz with Galan Lithium: Glencore signs up for HMW offtake & funding
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Galan Lithium is celebrating after signing a binding offtake deal with a major mining behemoth.
Stockhead’s Ashtyn Hiron sits down with Galan Lithium (ASX:GLN) managing director JP Vargas de la Vega to get the short end of the long story on an offtake and funding deal with mining giant Glencore.
Glencore has signed the dotted line on a five-year offtake agreement that gives it access to lithium chloride from Galan’s cornerstone Hombre Muerto West project in Argentina.
On top of that, the resources behemoth is effectively agreeing to cover the project’s Phase 1 construction costs under an accompanying finance deal worth up to US$100 million.
Glencore could also be in the mix for further offtake from HMW: Galan is currently advancing discussions for its larger Phase 2 production line.
Tune in to hear JP Vargas de la Vega on the Glencore deal and what’s in store for the Hombre Muerto West project.