Automaker Stellantis inks offtake with Kuniko for supply of low carbon nickel and cobalt sulphate

By Vladimir Basov

Published:

Jun 30, 2023 - 4:48 PM

Updated:

Jun 30, 2023 - 4:48 PM

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(Kitco News) - Automaker Stellantis (NYSE: STLA) today announced the signing of a binding offtake term sheet agreement with Kuniko (ASX: KNI) securing a 35% future production offtake of nickel sulphate and cobalt sulphate from Kuniko’s Norwegian exploration projects for a term of nine years.

In addition, Stellantis agreed to purchase €5.0 million (A$8 million) in new equity in Kuniko, giving it a 19.99% shareholding on completion and rights to nominate one director to the Kuniko board.

According to a press release, the proceeds from the equity purchase will be applied to advance Kuniko’s brownfield and greenfield battery metals exploration projects in Norway which include nickel, cobalt and copper.

“We are on an aggressive path to securing a holistic portfolio of raw materials needed to meet our Dare Forward 2030 electrification targets,” said Chief Purchasing and Supply Chain Officer Maxime Picat. “With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects.”

As part of the Dare Forward 2030 strategic plan, Stellantis announced plans of reaching a 100% passenger car battery electric vehicle (BEV) sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the United States by 2030.

Stellantis noted it is on track to become a carbon net zero corporation, all scopes included, by 2038, with single digit percentage compensation of remaining emissions.

Stellantis is one of the world’s leading automakers and a mobility provider. Its brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys.

Kuniko is a European focused battery minerals explorer and exploration project developer, targeting metals for electromobility, including copper, nickel, cobalt and lithium.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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Automaker Stellantis inks offtake with Kuniko for supply of low carbon nickel and cobalt sulphate

By Vladimir Basov

Kitco News
The Leading News Source in Precious Metals

Vladimir Basov

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news

Automaker Stellantis inks offtake with Kuniko for supply of low carbon nickel and cobalt sulphate

By Vladimir Basov

Kitco NewsThe Leading News Source in Precious Metals

Vladimir Basov

Share

Kitco News
The Leading News Source in Precious Metals