Look it would be great if MNS could get a binding agreement with tesla but let's not put our hopes and dreams up and be happy with anything whoever doesn't take it will miss out on world class product.
US Rare Earth Minerals says it has no supply deal with Tesla
Cecilia Jamasmie | August 31, 2015
Tesla Motors’ CEO Elon Musk unveiled in May a new division, called Tesla Energy, focused on the production of batteries (
Image from archives)
U.S. Rare Earth Minerals (OTCQB:USMN)
said Monday management was “surprised” to read all over the news of
a supply agreement the company supposedly has with with Tesla Motors (NASDAQ:TSLA) for the electric car maker lithium-ion batteries.
“USMN has no agreements of any kind with Tesla Motors Inc,"acting chairman and CEO Larry "Bear" Bonafide said
in a statement. He added that USMN had no part in the press release and would take no responsibility for it.
The agreement was in fact with London-listed Rare Earth Minerals (LON:REM) and Bacanora Minerals (CVE:BCN)(LON:BCN) as first reported by the
Wall Street Journal.
Tesla is building a $5 billion battery factory in Nevada, which aims to reduce battery costs by 30% or more, partly by bringing in in-house materials provided by REM
(*) and Bacanora.
The statement added that the deal between Tesla and the two companies would give the electric car maker access to below-market-rate lithium in exchange for minimum purchase amounts over a five-year period.
The two companies in partnership with Tesla will have rights to land in northern Mexico, where lithium can be obtained from mineral-rich clay.
Click
here for the Bacanora press release and
here for Rare Earth Minerals' announcement of the agreement.
(Featured image: Tesla Motors corporate headquarters in Palo Alto California byWindell Oskay)
(*) The original article said the in house materials would be provided by U.S. Rare Earth Minerals. This is obviously a mistake, as the article explains. We regret the error.
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