China’s Great Wall backs Pilbara’s WA lithium mine

The share price of lithium developer Pilbara Minerals jumped 18% on Friday as the company announced the backing of China’s Great Wall Motor Company for the Stage 2 development of the Pilgangoora lithium/tantalum project, in Western Australia. Pilbara Minerals has inked a binding term sheet with Great Wall for the offtake of 75 000 t/y of chemical grade spodumene concentrate from the Stage 2 operation, with the ability to secure a further 75 000t/y on provision of A$50-million Stage 2 debt funding and a A$28-million up-front equity subscription, in exchange for 56-million fully paid ordinary shares.