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LG Energy Solution to purchase 700,000 tons of lithium ore concentrate from Australia
By YonhapPublished : Jan. 12, 2022 - 10:56
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 $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)
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 $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)
