Asia

LG Energy Solution signs lithium supply contract with US mining company

Seoul, June 30 (Yonhap News Agency)-Korean battery maker LG Energy Solution Ltd. (LGES) is binding on Thursday with a US mining company to supply two types of lithium products used in electric vehicles. Announced that it has signed no contract. EV) Lithium-ion battery.

Under the Memorandum of Understanding, LGES announced that Kansas-based essential minerals provider Compass Minerals will provide LGES with 40% of the lithium carbonate and lithium hydroxide produced for seven years from 2025.

Lithium carbonate and lithium hydroxide are the two most common types of lithium products used in the manufacture of cathode materials for lithium-ion batteries. The cathode determines the power of the EV battery.

According to LGES, details of the exact amount of supply will be finalized when the formal contract is signed.

According to a Compass Minerals press release, the MOU also includes an option for Compass Minerals to supply up to 40% of production after the full-scale lithium brine development project in Utah.

In a comment posted on the Compass website, Kim Dong-soo, Senior Vice President of the LG Energy Solutions Procurement Center, said, “To maintain our leading position in the global battery market, we have a great deal of access to key raw materials. It’s important. ” mineral. “We believe that partnering with Compass Minerals will help us achieve that goal while strengthening our US supply chain.”

Compass Minerals said it would continue “sincere negotiations” with LGES for a binding supply contract.

Compass Minerals is driving the development of brine-based lithium resources from a facility in Great Salt Lake, Utah, through sustainable extraction methods using renewable energies such as solar and wind.

LGES is stepping up its efforts to ensure a stable supply of key battery components from overseas partners in Australia, Europe and South America to meet growing EV demand amid rising raw material costs.

LGES has signed a long-term supply contract for lithium with SQM in Chile and Vulcan Energy Resources in Germany, and a similar contract with Sigma Lithium Resources in Brazil and Liontown Resources in Australia for the supply of lithium ore concentrate.

http://yna.kr/AEN20220630003200320&section=news&input=rss LG Energy Solution signs lithium supply contract with US mining company

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