According to foreign media reports, lithium mine developer Vulcan Energy Resources said in a statement that the company has signed a second lithium supply agreement with Renault. Before announcing the deal, Vulcan also revealed that they have suspended part of the second phase of its German project, but said it does not expect this to cause any delays in its development schedule.
According to the latest agreement, Renault will purchase 26,000 to 32,000 tons of battery-grade lithium raw materials from Vulcan. The agreement between the two parties will last for 6 years. The two companies did not disclose specific financial terms. Vulcan revealed in a statement that the second agreement they reached with Renault will begin delivery in 2026. Lithium is the core ingredient in the production of lithium batteries for electric vehicles.
Vulcan is one of many companies that are testing the Direct Lithium Extraction (DLE) method. The company signed the first agreement with Renault in August this year. Starting from 2026, it will supply Renault with 60 to 17,000 tons of lithium each year. The lithium will come from Vulcan's geothermal brine deposit in Germany.
However, the company said in a statement released on November 19 that they encountered opposition from some local governments. The company has informed the German regulators that it will suspend its second phase of development work, while at the same time they will re-engage with stakeholders. Vulcan expects that the preliminary definitive feasibility study report will be completed in the middle of next year. Research firm JCapital stated in a short-selling report released last month that opponents may disrupt Vulcan's operations, but the company believes this report is inaccurate and misleading.
Prior to this, Vulcan had reached a lithium supply agreement with Belgian recycling group Umicore, car manufacturer Stellatis, and South Korean company LG Chem.
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