Seen in this photo provided by the Korea Rural Community Corp. is the Saemangeum area on South Korea’s west coast.
GUNSAN, June 16 (Korea Bizwire) — The Saemangeum Development and Investment Agency said Thursday it has signed an investment agreement with local firm EDL for the construction of a lithium salt production plant in Saemangeum, a reclaimed area on the southwest coast of the country.
EDL plans to invest a total of 600 billion won (US$471 million) in the Saemangeum National Industrial Complex to establish a plant with an annual capacity of 50,000 tons of lithium salt, a key component of lithium-ion battery electrolytes.
Construction of the plant is scheduled to commence in the second half of this year.
The project will be carried out in three stages, with the first stage of construction expected to be completed by the end of next year, followed by the second stage by the end of 2025, and the third stage by the end of 2026.
The North Jeolla Provincial Government anticipates that the project will create 700 jobs.
The plant’s lithium salt will be supplied to companies in North America and Europe through a network in the U.S. and Europe.
EDL is a joint venture established by Enchem Co., the nation’s largest electrolyte maker, and Joongang DNM Co., a telecom equipment manufacturer.
Kevin Lee (kevinlee@koreabizwire.com)
