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LG Energy Solutions invests in Australia for lithium supply

LG Energy Solutions invests in Australia for lithium supply

LG Energy Solutions

(Photo courtesy of LG Energy Solutions. Resale and archiving prohibited)

SEOUL, May 19 (Yonhap) — LG Energy Solutions Ltd. (LGES) on Friday signed an investment deal with an Australian lithium developer as part of efforts to increase supplies of this critical mineral used in electric vehicle (EV) batteries.

Under the agreement signed with Green Technology Metals Limited, LGES will acquire approximately 7.89% stake in the Australian company and 25% of its annual lithium concentrate production over the next five years. LGES said in a statement.

Lithium concentrate is an essential mineral in the EV battery supply chain. It is used as a raw material to extract lithium hydroxide, one of the lithium products used to make the cathode material that determines the power of an EV battery.

Both companies have agreed to strengthen their long-term partnership, LGES said. Green Technology Metals owns and operates four lithium mines in North America. According to LGES, LGES will receive a lithium-rich ore concentrate mined from the Ontario Block in Canada, which contains approximately 10 million tonnes of mineral.

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