Australian mining company signs five-year deal with Tesla

Australian mining company Piedmont Lithium has signed a five-year supply deal with Tesla, with the option to extend the contract for an additional five years. Around one third of Piedmont's high-grade lithium ore will be delivered to Tesla from the company's North Carolina mine, which produces around 160,000 tonnes each year. Shares of the Australian miner surged on the back of the news, with the stock gaining 35 per cent over its closing price on Monday.