MITSF - Unveiling Brazil's Lithium Potential: Inaugural Summit Spotlights Promising Sector Growth | Benzinga
Source: Streetwise Reports 06/04/2024
Atlas Lithium Corp. (NASDAQ: ATLX) has proudly announced that it is co-hosting the first-ever Brazil Lithium Summit, scheduled from June 11 to 13, 2024, in Belo Horizonte, Brazil.
The Summit promises to be a pivotal event, offering a platform for industry leaders, international corporations, and global investors to directly engage with key decision-makers in the region. Marc Fogassa, the CEO and Chairman of Atlas Lithium, will not only introduce the event but also moderate a panel discussion featuring Ernie Ortiz, CEO of Lithium Royalty Corporation (LRC), a seasoned lithium investor. LRC had previously made a notable non-dilutive, royalty-based investment of US$20 million in Atlas Lithium in May 2023.
Emphasizing the robust collaboration with Mitsui & Co., Ltd. (OTC: MITSF), representatives from Mitsui's senior management team will be in attendance. This partnership, announced on March 28, 2024, saw Mitsui's acquisition of US$30 million worth of Atlas Lithium's common shares. Additionally, an offtake agreement was executed for Mitsui's future purchase of lithium concentrate from Atlas Lithium's Neves Project. This transaction, the result of eighteen months of due diligence, underscores Atlas Lithium's appeal as a forthcoming lithium supplier.
Strengthening its foothold in the industry, Atlas Lithium solidified investments and off-take agreements with Chengxin and Yahua, renowned entities in lithium chemical processing, in December 2023. Chengxin, a significant supplier to BYD, and Yahua, a key supplier to Tesla, are strategic partners positioning Atlas Lithium as a crucial player in the lithium supply chain for the burgeoning electric vehicle industry.
Nicholas Rowley, Vice President of Business Development at Atlas Lithium, underscored the importance of the company's partnerships with key stakeholders such as Chengxin, Mitsui, and Yahua. These partnerships are built on Atlas Lithium's core technical team's proven track record of delivering consistently high-quality products from various projects. Rowley highlighted the Neves Project's advantages, particularly its cost-effectiveness and expedited timeline due to being an open-pit mine, which has attracted considerable interest from customers.
As previously announced, Atlas Lithium's processing plant is nearing completion, with final stages of fabrication and trial assembly underway. The company remains on schedule to commence production in the fourth quarter of 2024.
CEO and Chairman Marc Fogassa expressed excitement about co-hosting the Summit, emphasizing its significance as a key event in Brazil's lithium sector. He highlighted the opportunities it presents for stakeholders to explore and the company's readiness, through strategic investments and partnerships, to take a leadership role in both the local and global lithium markets.
Why Lithium Matters
The lithium sector appears to be amidst a positive resurgence, buoyed by various factors, signaling a favorable environment for investors. As Rob Badman from Stockhead noted on March 14, "Is there something of a perfect storm forming for lithium right now? A positive perfect storm that is."
Indeed, recent trends in lithium pricing indicate a potential upward trajectory. UBS Group AG observes that the lithium market is rebalancing, with the industry curtailing production and projects, hinting ...