Lake Resources shares surge 10pc as it unveils Ford lithium deal

Lake Resources shares shot up more than 10 per cent after unveiling a lithium supply deal with US automotive giant Ford, as Elon Musk’s suggestion Tesla may move into mining to offset the “insane” price of the mineral intensified interest in the hot sector.

Following a similar recent offtake deal with Japan’s Hanwa, Lake on Monday said it had struck a non-binding memorandum of understanding with Ford for the supply of 25,000 tonnes of lithium a year from its Kachi brine project in Argentina’s major “Lithium Triangle” province.