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LG Energy Solution Ltd. reportedly inked a deal with an Australian producer and supplier of technology metal materials for a steady supply of battery materials. On Monday, Aug. 16, it was said that the South Korean battery maker secured a 6-year contract with Australian Mines Ltd.
According to Yonhap News Agency, LG Energy Solution and Australian Mines’ deal will take effect in the last quarter of 2024. This means that the business will not begin soon but in more than two years' time. Once the deal starts, the latter is set to ship 71,000 tons of nickel and 7,000 tons of cobalt for the Korean firm, and deliveries will span over six years.
"Securing key raw materials and a responsible battery supply chain has become a critical element in gaining greater control within the industry, as the demand for electric vehicles worldwide has heightened in recent years," Kim Jong Hyun, LG Energy Solution president and chief executive officer, said in a statement.
It was said that the number of materials mentioned is enough for LGES to make batteries for about 1.3 million electric vehicles. These are the types of EVs that can run for more than 500 kilometers or around 311 miles on a single charge, Korea Joongang Daily reported.
At any rate, the contract with the Australian Mines will allow LG’s battery-making arm to gain the upper hand in securing a stable supply of the main raw materials for its EV battery business.
“With the growing EV market, securing raw materials and managing the supply chain has become important for business competitiveness among battery companies,” CEO Kim Jong Hyun added. “LG Energy Solution will strengthen its leading position in the global battery market by having a stable supply chain of raw materials.”
It was added that during the mining process, the Australian firm would be making use of a dry stacking method as this is the more sustainable way. This process is more expensive to do compared to the traditional ways, but it is preferred because it is environmentally friendly.
Meanwhile, Australian Mines was established in 2001, and its main goal is to extract nickel and cobalt in a way that will not be harmful to the environment. Currently, it is building a new plant in Greenvale, North Queensland, and this may be completed in 2024.
