Australia's Liontown inks lithium deal with Ford after Tesla, LG...

The outlook hike stems from the positive impact from the sale of Knab in February and the successful integration of Aegon's Dutch businesses, which ASR agreed to buy in a $4.9 billion deal in October 2022, CEO and Chairman Jos Baeten said in a statement.

June 29 (Reuters) - Liontown Resources Ltd signed a lithium supply agreement with Ford Motor Co, the Australian miner's latest after similar deals earlier this year with Tesla and electric vehicle (EV) battery maker LG Energy.

Shares in Liontown, a small miner chaired by Australian entrepreneur Tim Goyder, surged 17% in morning trading, but pared gains to trade up 5.6% by noon (0200 GMT), giving it a market capitalisation of about A$2.5 billion.

The venture, called BlueOvalSK, is slated to have an annual battery production capacity of 129 gigawatt-hours (GWh) in the United States. car maker has a joint venture with EV battery maker SK On, a unit of South Korea's SK Innovation.

($1 = 0.9352 euros) (Reporting by Michal Aleksandrowicz in Gdansk; Editing by Kim Coghill and Milla Nissi) ASR said its total capital returns would consist of a progressive dividend, with mid to high single-digit percentage growth until 2026, and a share buyback of 525 million euros carried out by the end of the forecast period.

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Liontown said on Wednesday it will supply Ford with 150,000 dry metric tonnes (DMT) of lithium spodumene concentrate each year for five years from its flagship Kathleen Valley project in Western Australia. The concentrate is a source of lithium essential for making EVs.

Ford, which is betting aggressively on EVs, said in March it would boost spending on EVs by two-thirds to $50 billion through 2026 and run its EV unit separately from its legacy combustion engine business, a move aimed at competing better against Tesla.

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