| JDMStyo | 01-20-2010 11:03 AM |
Toyota goes for Lithium Resources in South America
Argentina, specifically. EV's making a strong case in the coming years... I still want the next Supra to be gasoline though :D http://2.bp.blogspot.com/_1UpYFlfWGJ...s400/TNR-8.jpg
Time to invest in lithium, lol! the company Toyota JV'd with is up 1000%. Too bad most of us can't buy ASX stocks unless you're on Int Brokerage or smth :D Quote:
Toyota, Orocobre Partner to Develop Lithium Project (Update2)
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By Nichola Saminather
Jan. 20 (Bloomberg) -- A Toyota Motor Corp. affiliate will partner with Orocobre Ltd., an Australian mineral-exploration company, to develop a mine in Argentina that will provide raw materials for vehicles powered by lithium-ion batteries.
Orocobre will set up a joint venture with Toyota Tsusho Corp., 22 percent owned by the world’s largest carmaker, to develop its Salar de Olaroz lithium potash project in Argentina’s Jujuy province, the Milton, Australia-based company said in a statement to the Australian Stock Exchange.
Toyota Tsusho will take a 25 percent stake in the project and will provide $4.5 million for a feasibility study, as well as a low-cost Japanese government loan to fund at least 60 percent of the project’s development. This means Orocobre won’t need additional funding for development, Managing Director Richard Seville said in the statement.
“Toyota Tsusho becoming our strategic partner allows Olaroz direct access to Toyota Motor Corp. and its partners such as Panasonic and Sanyo,” Seville said. “These companies have significant expertise and understanding of supply requirements in large format lithium-ion batteries for the automotive industry and consumer sector.”
Orocobre shares surged as much as 46 percent to A$2.04 and traded at A$1.80 as of 1:13 p.m. in Sydney. Toyota Tsusho shares gained 8 percent to 1,518 yen, after earlier jumping as much as 15 percent, the most since October 2005.
‘World-Class’ Deposit
Toyota Tsusho is seeking reliable, low-cost supplies to meet rising demand for lithium-ion batteries for automobiles, the Nagoya, Japan-based company said in the statement.
“The size and quality of the deposit is world-class and we believe will produce high-purity, battery-grade materials required for the global battery industry at a cost that is competitive,” Toyota Tsusho said.
Orocobre will own the remaining 75 percent of the project after construction is completed, and will operate the joint venture, the Australian company said.
Construction is expected to be completed by early 2011, and the mine will be operational by the end of that year, Orocobre spokesman Paul Ryan said in a telephone interview.
Toyota Motor plans to begin retail sales of a plug-in version of its Prius hybrid car powered by a lithium-ion battery in about two years. It also intends to introduce a short- distance pure electric car in 2012.
Toyota established a joint venture in 2007 with Panasonic Corp., then Matsushita Electric Industrial Co., to ensure supplies of lithium-ion batteries for the automaker’s planned plug-in hybrid cars. Panasonic purchased 50.2 percent of battery maker Sanyo Electric Co. last month.
To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net
Last Updated: January 19, 2010 22:13 EST
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