Birimian Limited (ASX:BGS; “Birimian” and “Company”) advises that it has entered into a Memorandum of Understanding (MOU) with a leading Chinese lithium battery manufacturer Far East First New Energy Co ("First Battery").
Under the terms of the non-binding MoU, both parties have committed to work to establish cooperation with respect to mine development and potential financing, commencing with an offtake for up to the lower of 200,000 tons per annum (“tpa”) OR 25% of total annual production of +6% spodumene concentrate.
First Battery is a subsidiary of Hong Kong listed company Far East Smarter Energy Co Ltd (capitalised at over 18 billion RMB ~ AUD3.6 billion). The company employs over 3000 people, making lithium batteries for applications from power tools and electronics to large energy storage systems and electric vehicle lithium ion batteries.
BGS Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
