Overview of Downstream JVPilbara Minerals will make a staged investment of up to 30% in the JV. The Company will initially subscribe for an 18% interest, with a call option (at Pilbara Minerals’ election) available to increase its interest to 30%. This call option will be available for up to 18 months after the successful ramp up of the Conversion Facility to 90% of nameplate capacity. The call option will initially be exercisable at cost (plus 3.58% interest per annum) up until the date the Conversion Facility receives battery certification from tier 1 battery producers, and thereafter at fair value. This structure provides an important benefit to Pilbara Minerals, including added flexibility to stage its investment over time to reduce its initial exposure during the construction and ramp-up phases of the Conversion Facility.
Oct 26 2021 Press Release
Good News & Bad News, page-30648
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