Lithium producer Livent Corp. agreed to form a joint venture with The Pallinghurst Group to acquire the business and certain assets of Nemaska Lithium Inc., a proposal that was granted court approval in October.

Livent said Nov. 5 that both parties will equally own Québec Lithium Partners, which will have a 50% equity ownership in Nemaska. The remaining 50% of Nemaska will be owned by Investissement Québec.

Meanwhile, Livent said that it is continuing to discuss the framework for a long-term supply partnership with Tesla Inc., after extending the existing multiyear lithium hydroxide supply agreement through 2021.

The extended contract provides higher volumes of supply than in 2020.

For the third quarter, Livent swung to a net loss of $11.8 million, or 8 cents per share, from a net income of $18.0 million, or 12 cents per share, in the same period in the prior year, as revenue fell year over year to $72.6 million from $97.7 million.