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Japan's Mitsui to invest in Atlas Lithium in the US

Reuters
·1-min read

TOKYO, March 28 (Reuters) - Japan's Mitsui & Co said on Thursday the company agreed to invest in Atlas Lithium Corporation in the United States by subscribing to a $30 million third-party allocation of new shares by the U.S. company.

Atlas is developing a lithium mine project in Brazil's Lithium Valley.

The project in Brazil is expected to start production in the fourth quarter of 2024, with its annual production to reach 300,000 tons of spodumene concentrate, which would be enough to be used in about 1 million electric vehicles, Mitsui said. (Reporting by Kaori Kaneko; Editing by Tom Hogue)