Panasonic agrees lithium deal with Galaxy Resources
Galaxy Resources CEO Anthony Tse, Chairman Martin Rowley and other directors were in Japan for the signing of a lithium supply agreement with Panasonic two weeks ago, according to unidentified people. Galaxy shares rose as much as 6.2% to highest since 13 February.
Hot on the heels of Pilbara Minerals' deal with Chinese automaker Great Wall, Galaxy Resources has inked an agreement with Tesla battery supplier Panasonic, as first reported by Street Talk.

Battery makers like Japan's Panasonic have been looking to lock in supplies of high quality lithium to ensure they have enough material to meet demand for their lithium-ion batteries, used to power electric vehicles.

Sources told this column managing director Anthony Tse, chairman Martin Rowley and other directors were in Japan for a signing ceremony two weeks ago. Shipping data also shows product from Mt Cattlin being shipped to Japan.

A Panasonic lithium-ion flexible battery. Koji Ueda

Galaxy, capitalised at $1.1 billion, is one of the few producers that hasn't locked all of its slated production into agreements with long-term customers.

Galaxy currently supplies spodumene concentrate produced from its Mt Cattlin mine in Western Australia to lithium converters in China, which then make the lithium chemical used by battery manufacturers.