Mitsubishi strategically invests in the Canadian PAK lithium mining project.

Published: Mar 8, 2024 20:58

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Once production commences, the annual output is expected to be about 20,000 tons of lithium carbonate equivalent, which can support the production of approximately 300,000 electric vehicles.

According to North Star Storage Grid, Mitsubishi Corporation recently announced that it has entered into a binding agreement with Canadian mining company Frontier Lithium Inc. to establish a new joint venture company dedicated to developing the PAK Lithium Project located in Ontario, Canada. Mitsubishi Corporation will make a strategic investment of 25 million CAD in cash as consideration for a 7.5% stake in the joint venture company. Mitsubishi Corporation also has the option to increase its shareholding ratio to 25%. The PAK Lithium Project mine is located in Ontario, Canada, with resources exceeding 58 million tons. Once production commences, the annual output is expected to be about 20,000 tons of lithium carbonate equivalent, which can support the production of approximately 300,000 electric vehicles.

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