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Biz News Korea(Eng)
LG Energy secures Australian lithium concentrate supply
- Collected
- 2024.02.15
- Distributed
- 2024.02.16
- Source
- Go Direct
The South Korean company said on Wednesday that it signed a lithium concentrate supply contract with Australia-based Wesfarmers Chemicals, Energy, and Fertilisers (WesCEF). Lithium concentrate refers to high-purity minerals processed from lithium ore and used as raw materials for lithium hydroxide and lithium carbonate.
LG Energy Solution will be provided with 85,000 tons of lithium concentrate throughout 2024, and the yearly supply is sufficient to produce 11,000 tons of lithium hydroxide, in turn enabling the production of batteries for about 270,000 high-performance electric vehicles capable of traveling over 500 km on a single charge. Both parties plan to discuss additional supply contracts.
WesCEF is a subsidiary of Wesfarmers, one of Australia’s top 10 companies. It entered the lithium business in 2019 by investing in the Mount Holland mine project in Western Australia and has also been jointly developing mining and lithium hydroxide production facilities via Covalent Lithium Pty, its joint venture with Sociedad Química y Minera de Chile (SQM), the world’s largest lithium producer.
LG Energy Solution previously signed a five-year deal with WesCEF for a supply of 50,000 tons of lithium hydroxide from the Mount Holland mine starting from 2025. The Korean company’s IRA credits are unaffected with WesCEF-sourced lithium hydroxide.
By Jung You-jung and Chang Iou-chung
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