SQM - Lithium names leap after Piedmont's sales deal with Tesla
Piedmont Lithium ([[PLL]] +312.2%) shares more than quadruple following news it signed a sales agreement with Tesla to supply lithium raw material spodumene concentrate.The news of a 5-10 year supply agreement strongly suggests Tesla is not expecting to become wholly independent of lithium suppliers for some time - great news for Piedmont Lithium and good news too for lithium companies Lithium Americas ([[LAC]] +25.1%) and Livent ([[LTHM]] +6.9%), whose shares also enjoy strong gains; SQM ([[SQM]] +3.7%) and Albemarle ([[ALB]] +0.2%) also trade higher.The sales will generate 10%-20% of Piedmont's total revenue from its proposed integrated mine-to-hydroxide project for the initial five-year term.Separately, Morgan Stanley analysts offer a strong lithium forecast, saying "2021 should see lithium's market closer to balance as supply cuts bite and demand recovers, but the large volume of latent hardrock capacity and continued brine expansions cap price upside."Piedmont Lithium shares leap to an all-time high in
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Lithium names leap after Piedmont's sales deal with Tesla