Merz Pushes Faster Reforms to Revive German Economy 
Anthropic IPO Could Challenge SpaceX’s Record $86 Billion Offering 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
Oil Prices Retreat as Markets Await Tougher Iran Sanctions 
US-Canada Tariff War Escalates With 50% Auto Duties 
Tokio Marine Eyes Multibillion-Dollar Suncorp Takeover 
Unitree Shares Plunge 45% After Blockbuster IPO, Raising China Tech Bubble Fears 
UK Economy Shows Strength as Burnham Gets Early Boost 
Luxshare Shares Rise as First-Half Profit Jumps 18% 
RBA Debated Rate Hike as Inflation Risks Persist 
Indian Sugar Stocks Surge on Tight Supply, Festive Demand 
Tesla Raises Cybertruck Prices by $5,000 in US 
Unifor Reaches Tentative GM Deal for 4,600 Ontario Workers 
Peru Economy Grows 2.6% in Q2 as Private Investment Surges 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
Hanmi Pharm Soars 30% on $2.3 Billion Genentech Obesity Drug Deal 
Add as a preferred source on Google
SK on Co. Ltd. is set to build a precursor manufacturing plant in South Korea which is expected to yield 50,000 tons of precursors every year. The company signed a joint venture agreement with EcoPro materials producer and China’s Green Eco-Manufacture (GEM) for this project.
The three companies agreed to put in a total of KRW1.21 trillion, or about $945 million, to build the facility. As per Korea Joongang Daily, SK on, EcoPro, and GEM signed a new agreement last week, and this marked their second joint venture in the construction of a factory for manufacturing precursor, which is a key material used in making batteries for electric vehicles.
The three firms signed their very first JV deal in November of last year, and this was for the construction of a factory in Indonesia. The facility is for the production of mixed hydroxide precipitate (MHP), an intermediate nickel product for battery precursors.
In any case, the new precursor plant will rise in Saemangeum, which is located on South Korea’s southwest coast. The annual production capacity of this plant is enough to supply the material to produce around 300,000 electric vehicles.
The target date for the completion of SK’s JV project is sometime in 2024. It was revealed that their first JV plant in Indonesia would supply MHP to the new factory in Saemangeum, South Korea, for the production of precursors. The goal is to manufacture MHP with 30,000 tons of high-purity nickel starting next year.
The Korea Economic Daily reported that the latest partnership agreement between the three companies is part of SK on’s efforts to boost its battery components supply chains at a time of the changing landscape in the industry.
Finally, the new Saemangeum plant will make precursors by mixing manganese and cobalt, while the primary material, MHP, will be delivered by the companies’ Indonesian facility. EcoPro will produce cathodes with precursors from the Korean factory and supply them to SK On’s battery manufacturing plants worldwide.
