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Energy",[585],{"slug":586,"name":587,"content":588},"didi-bostock","Didi Bostock",{"job_title":589,"image":590,"bio":592,"linkedin":593},"Editor - Energy Transition & Economics",{"filename":591},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":595,"content":596},"doc",[597,630,635,640,652,659,669,696,701,709,722,727,732,737,758,763],{"type":598,"attrs":599,"content":600},"paragraph",{"textAlign":49},[601,604,612,614,620,622,628],{"text":602,"type":603},"Vulcan Energy Resources, an Australian DLE (","text",{"text":605,"type":603,"marks":606},"direct lithium extraction",[607],{"type":608,"attrs":609},"link",{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/publications/special-issues/1320373","url",{"text":613,"type":603},") developer ",{"text":615,"type":603,"marks":616},"operating in Europe,",[617],{"type":608,"attrs":618},{"href":619,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/europes-lithium-chemical-production-far-exceeds-its-mined-supply",{"text":621,"type":603}," has signed an eight-year offtake agreement with ",{"text":623,"type":603,"marks":624},"commodity trader Glencore",[625],{"type":608,"attrs":626},{"href":627,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth",{"text":629,"type":603},".",{"type":598,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":603},"Under this agreement Glencore will take 40,000 tonnes of lithium hydroxide (35,200 tonnes LCE) over an eight-year period starting from when Vulcan Energy enters commercial production, towards the end of the decade.",{"type":598,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":603},"This agreement means that the planned output of the first phase of Vulcan’s 21,500 tonne LCE  per year Lionheart project in the Upper Rhine Valley, Germany is fully under offtake agreements.",{"type":641,"attrs":642},"blok",{"id":643,"body":644},"1b2541df-6d21-4f5a-b6b2-ce9e18dd1b0e",[645],{"id":646,"_uid":647,"type":648,"_editable":649,"component":650,"fixed_height":651,"use_fixed_height":50,"fixed_height_mobile":651,"fixed_height_tablet":651},"25632090","i-cbbebb70-3eb0-4535-86a3-01dcc1fa04f5","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cbbebb70-3eb0-4535-86a3-01dcc1fa04f5\", \"id\": \"\"}-->","ContentFlourish","",{"type":653,"attrs":654,"content":656},"heading",{"level":655,"textAlign":49},4,[657],{"text":658,"type":603},"Vulcan secures diverse offtake partners",{"type":598,"attrs":660,"content":661},{"textAlign":49},[662,667],{"text":571,"type":603,"marks":663},[664],{"type":608,"attrs":665},{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/glencore-deepens-lithium-push-with-galan-offtake",{"text":668,"type":603}," is the fourth company to sign an offtake agreement for battery-grade lithium hydroxide monohydrate (LHM) from the Lionheart project, and means Vulcan now has the offtakes required to fund the first phase of the project.",{"type":598,"attrs":670,"content":671},{"textAlign":49},[672,674,680,682,687,689,694],{"text":673,"type":603},"The other companies to sign on are ",{"text":675,"type":603,"marks":676},"LG Energy Solution’s",[677],{"type":608,"attrs":678},{"href":679,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans",{"text":681,"type":603}," ESS division, ",{"text":580,"type":603,"marks":683},[684],{"type":608,"attrs":685},{"href":686,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/umicore-delays-battery-material-expansion-plans-as-short-term-pressures-bite",{"text":688,"type":603},", and ",{"text":577,"type":603,"marks":690},[691],{"type":608,"attrs":692},{"href":693,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out",{"text":695,"type":603},". The diversity of the companies is a key strength to Vulcan’s offtake strategy, helping to derisk the project and support securing the required finance.",{"type":598,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":603},"“Vulcan has now achieved a good mix of offtake partners for Phase One lithium production: an automaker, a battery maker, a cathode manufacturer, and a commodities trader, all with a strong European focus,” Vulcan Managing Director and CEO, Cris Moreno said in a statement. “The agreement also gives Vulcan the flexibility to bring in further European customers in the future, while also utilising Glencore’s expertise in this market, which is a value-add to Vulcan.”",{"type":641,"attrs":702},{"id":703,"body":704},"3403807e-b49f-4330-96db-f1bda8a2a13d",[705],{"id":706,"_uid":707,"type":648,"_editable":708,"component":650,"fixed_height":651,"use_fixed_height":50,"fixed_height_mobile":651,"fixed_height_tablet":651},"25611149","i-3a5790a9-9d42-426d-bd8a-7db0acd788bc","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3a5790a9-9d42-426d-bd8a-7db0acd788bc\", \"id\": \"\"}-->",{"type":598,"attrs":710,"content":711},{"textAlign":49},[712,714,720],{"text":713,"type":603},"Vulcan has secured a range of financing commitments totalling EUR 879m (~$1bn). Participating lenders include various commercial as well as export finance credit institutions, and the ",{"text":715,"type":603,"marks":716},"European Investment Bank",[717],{"type":608,"attrs":718},{"href":719,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/video/watch/financing-the-energy-transition",{"text":721,"type":603},", though these agreements are yet to be finalised.",{"type":598,"attrs":723,"content":724},{"textAlign":49},[725],{"text":726,"type":603},"In 2025, Vulcan raised EUR 135m ($156m) through share placements and grant awards. It is also in talks with the German KfW development bank for an equity investment through KfW’s Raw Materials Fund worth EUR 150m ($173m).",{"type":653,"attrs":728,"content":729},{"level":655,"textAlign":49},[730],{"text":731,"type":603},"What is Vulcan’s Lionheart project?",{"type":598,"attrs":733,"content":734},{"textAlign":49},[735],{"text":736,"type":603},"Vulcan’s Lionheart project is Europe’s most advanced DLE project, and will extract lithium chloride from geothermal brines to then convert into battery-grade lithium hydroxide.",{"type":598,"attrs":738,"content":739},{"textAlign":49},[740,742,748,750,756],{"text":741,"type":603},"The company uses geothermal energy, which reduces the ",{"text":743,"type":603,"marks":744},"carbon footprint",[745],{"type":608,"attrs":746},{"href":747,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations",{"text":749,"type":603}," of the process. Vulcan claims their lithium will be carbon neutral, a ",{"text":751,"type":603,"marks":752},"sustainability claim that is attractive to investors",[753],{"type":608,"attrs":754},{"href":755,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements",{"text":757,"type":603},", especially in Europe.",{"type":598,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":603},"Vulcan began pilot extraction of lithium chloride and conversion to lithium hydroxide in 2024. Commercial production was due to commence in 2025, but has been pushed back several times.",{"type":598,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":603},"The company is targeting construction start on its main Lithium Extraction Plant in 2026. It recently secured approval from Landau council to acquire a plot of land on which the future plant is to be built.","Vulcan Energy Resources, an Australian DLE (direct lithium extraction) developer operating in Europe, has signed an eight-year offtake agreement with commodity trader Glencore. Under this agreement Glencore will take 40,000 tonnes of lithium hydroxide (35,200 tonnes LCE) over an eight-year period starting from when Vulcan Energy enters commercial production, towards the end of the decade. […]",[770],{"slug":586,"name":587,"content":771},{"job_title":589,"image":772,"bio":592,"linkedin":593},{"filename":591},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fe4bf332-30a3-4c8d-8f78-030af7fae4a1\", \"id\": \"\"}-->","article",[776,779],{"slug":777,"name":778},"critical-minerals","Critical Minerals",{"slug":780,"name":8},"lithium","private",{"id":49,"alt":651,"name":651,"focus":651,"title":651,"source":651,"filename":783,"copyright":651,"fieldtype":784,"meta_data":785,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fa8b151b3d/bm-vulcan-cleop-uli-deck.jpg","asset",{"alt":651,"title":651,"source":651,"copyright":651},"Oct 14, 2025","14th October 2025",[],[],1792773882599]