Atlas Lithium Corporation, a mineral exploration company focused on lithium and other battery metals critical to powering the green energy revolution, is pleased to announce that it has signed a Memorandum of Understanding with Mitsui & Co., Ltd. with respect to Mitsui's potential interest in acquiring the right to purchase Atlas Lithium's future lithium concentrate production. Mitsui is a global enterprise headquartered in Tokyo, Japan, with $122.3 billion in assets, $96.4 billion in annual revenues, and 44,336 employees in 63 countries, as of its last reported results.
In general terms, the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to $65 million, in tranches and subject to the achievement of specific milestones acceptable to Mitsui, that would give Mitsui the right to buy up to 100% of Atlas Lithium's production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year. The Offtake Funding would be primarily used by Atlas Lithium for the construction of the Plant. Lithium concentrate produced by the Plant would then be available for purchase by Mitsui at a price generally based on the then-prevailing market price.
Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium, commented, "Our lithium assets are world-class and therefore we are enthusiastic about the prospects of a long-lasting and mutually rewarding partnership with such a well-known and global-reaching company as Mitsui."
The MOU is non-exclusive for both companies. As part of the MOU, Atlas Lithium and Mitsui will also seek to collaborate in other strategic areas.