LG Energy Solution’s R&D Campus Daejeon is shown in this photo provided by LG Energy Solution.
SEOUL, Jan. 12 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. has signed an initial contract to purchase 700,000 dry metric tons of lithium ore concentrate from an Australian miner, a document showed Wednesday, a deal that could help LG secure a supply of lithium-ion battery materials.
A disclosure document posted by Liontown Resources Ltd. said it will supply the lithium spodumene concentrate to LG Energy Solution under a five-year offtake agreement starting 2024, with a potential extension for another five years.
The output will come from its US$341 million lithium mining project under way in Western Australia.
Lithium spodumene is a feedstock for lithium chemicals used in the production of batteries for electric vehicles (EVs). With 700,000 dmt of spodumene, a battery maker can roughly produce enough to be used in some 2.5 million EVs.
(Yonhap)
