Mitsubishi Buys into Lithium, TNR.v, CLQ.v, WLC.v, NAR.v, LMK.v

If you need more proof the world needs more lithium than SQM:NYSE, FMC, and Chemetall Foot (Rockwood ROC:NYSE) can supply, look no further.

Here at Mining101 we have been following the Lithium movement right from the beginning - and we are getting more confirmations daily that this is it.

PERTH, Feb 15, 2010 (AsiaPulse via COMTEX) --

Japan's Mitsubishi Corporation (TSE:8058) has agreed to buy about 30 per cent of battery grade lithium carbonate output from Galaxy Resources Ltd's (ASX:GXY) Mt Cattlin mine in Western Australia.

Shares in Galaxy were up four cents, or 3.25 per cent, at A$1.27 (US$1.12) at 1253 AEDT.

Galaxy said in a statement on Monday it was close to finalising similar off-take agreements with other major groups and high-end users of battery grade lithium carbonate in China and other parts of Asia.

The value of the Mitsubishi deal was confidential, a Galaxy spokesman said.

Demand is growing for lithium, which is used in batteries for electric cars.

(AAP)ma