Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Stardust Power Shares Boosted by Sumitomo Lithium Offtake Deal

by admin February 6, 2025
February 6, 2025
Stardust Power Shares Boosted by Sumitomo Lithium Offtake Deal

Stardust Power (NASDAQ:SDST) shares rose as high as US$1.20 on Monday (February 3) after the announcement of a non-binding offtake agreement with Sumitomo Corporation of Americas.

It outlines a potential long-term supply deal for lithium carbonate from Stardust’s refinery in Oklahoma, US.

According to a Form 8-K filing with the US Securities and Exchange Commission, the companies have signed a letter of intent for the supply of 20,000 metric tons of lithium carbonate annually from Stardust’s first production line.

There is the possibility to increase the amount to 25,000 metric tons.

Under the proposed terms, Sumitomo would commit to purchasing lithium carbonate at prices based on market rates published by Fastmarkets, or another mutually recognized price-reporting agency. The deal also includes provisions that would allow the parties to adjust pricing as necessary to accommodate specific customers.

The agreement is structured for an initial term of 10 years, with an option to extend for an additional five years.

Additionally, before Stardust’s lithium product reaches battery-grade qualification for end users, Sumitomo would purchase technical-grade lithium at agreed annual volumes or in amounts equivalent to Stardust’s production capacity.

These purchases would also be priced according to prevailing market rates.

The agreement further outlines joint marketing efforts to promote Stardust’s lithium carbonate. Sumitomo has committed to conducting minimum marketing activities, with specific obligations to be determined in the final contract.

The transaction remains non-binding, with both parties working toward a definitive offtake agreement. The agreement comes as Stardust advances construction of its US$1.2 billion lithium refinery at the Southside Industrial Park.

The company recently broke ground on the facility, which will be among the largest lithium-refining operations in the US.

Once operational, the refinery’s first production line will have the capacity to produce 25,000 metric tons of lithium carbonate per year, with a planned second line doubling capacity to 50,000 metric tons. Output is expected to support growing demand for lithium in battery manufacturing, particularly for electric vehicles and energy storage.

Stardust acquired the 66 acre site near the Port of Muskogee in December 2024. The company selected the location following an independent environmental assessment in 2023, which determined the site’s suitability for lithium refining.

The project has received support from local and state officials, who view it as a key part of the region’s economic development strategy.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
SCRi Closes First Tranche of its Third Producing Royalty and Announces Non-Brokered Private Placement
next post
Reinstatement to Quotation

You may also like

10 Largest Producers of Gold by Country (Updated...

July 31, 2024

Jeffrey Christian: Gold, Silver, PGMs in 2025; Plus...

March 15, 2025

Crypto Market Recap: Strategy Buys US$180 Million Worth...

May 6, 2025

Purepoint Completes Initial Drill Program Along Groomes Lake...

May 23, 2025

Cyprium and Glencore Announce Commercial Strategic Partnership

July 26, 2024

Nordic Nickel Limited (ASX: NNL) – Trading Halt

September 23, 2024

Eskay Mining Wraps Up Summer Exploration, Prepares for...

August 27, 2024

Rich Checkan: US$3,800 Gold a Minimum This Cycle,...

November 27, 2024

LaFleur Minerals Provides Update on Beacon Mill Restart,...

March 21, 2025

Rio Tinto’s Ongoing Fight Against Workplace Harassment

November 21, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.