Australian Miner PLS Secures Floor Price in Lithium Supply Deal

PLS Group Ltd. has signed a lithium offtake agreement with Canmax Technologies Co., becoming the first Australian miner to secure a supply deal that guarantees a minimum price for the battery metal.

PLS will receive an upfront payment of $100 million from Canmax, a Shenzhen-listed battery maker, to guarantee two years of supply, with an option to extend the deal for a further 12 months, the company said on Tuesday. Its shares rose as much as 5.3%.