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Toyota in Argentine lithium deal
Toyota in Argentine lithium deal for hybrid car push
Posted on Wednesday, January 20th, 2010 at 1:05 PM EST.(Employee News)
A sister company to Toyota Motor Corp. secured a lithium supply deal in Argentina on Wednesday that could help the world’s largest automaker keep its lead in gasoline-electric hybrid cars, Reuters reported.
The deal sent shares in the lithium project’s owner and operator, Australian-listed Orocobre Ltd, soaring almost 50 percent to an all-time high, the news service said. Lithium, a highly reactive and versatile metal, is expected to be in increasing demand as carmakers choose costly but more efficient lithium-ion batteries to power hybrid and electric vehicles, Reuters said.
Toyota Tsusho Corp., a trading house and key Toyota supplier (22 percent-owned by the automaker), said it would jointly develop a new lithium project with Orocobre, the report said. The Salar de Olaroz project in Argentina is estimated to cost around $80-$100 million, with the final figure to be determined after a feasibility study, an Orocobre spokesman said, adding the study should be complete by end-September, the story said. (Reuters)
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Rick
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