JOHANNESBURG (miningweekly.com) – ASX-listed European Lithium and Chinese lithium firm Shandong RuiFu Lithium have agreed to extend the timeframe for entering into a formal offtake agreement for spodumene concentrate production from the Wolfsberg project, in Austria.
European Lithium chairperson Tony Sage said on Monday that extension provided the company the opportunity to explore several other options that had emerged recently.
“We are working hard to secure an offtake partner for the Wolfsberg project…,” he said in a statement.
European Lithium and RuiFu signed a binding term sheet in May this year for the supply of up to 50 000 t/y of 6% lithium spodumene concentrates from Wolfsberg. The companies had planned to enter into a formal offtake agreement within 90 days of signing the term sheet.
European Lithium said the companies had agreed to another 60 days from August 15 to negotiate offtake terms and to enter into a formal agreement.
Wolfsberg is an advanced project with an inferred resource of 3.7-million tonnes. European Lithium is aiming to start operations in 2019/20.