In general terms, the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to US$65 million (the offtake funding), 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 t of lithium concentrate per year (the plant). 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."