Canada Lithium (TSX:CLQ) has signed a three-year Distributorship Agreement with Japanese trading company, Marubeni. As part of the agreement, Canada Lithium will distribute battery-grade lithium carbonate exclusively to Marubeni, with a minimum of 2,000 tonnes of lithium carbonate will be purchased in 2013. Marubeni has the option to increase the off-take to 5,000 tonnes by 2016.
As quoted in the press release:
The first shipment to Marubeni will commence in July 2013. Marubeni will purchase the lithium products Free on Rail (FOR) in Val d’Or, Québec.