LG Energy Inks Cobalt and Lithium Supply Deals with Three Canadian Miners

LG Energy Inks Cobalt and Lithium Supply Deals with Three Canadian Miners

SEOUL (Reuters) – South Korea’s battery maker LG Energy Solution said on Friday it has signed agreements on sourcing lithium and cobalt with three Canadian miners in a bid to expand its presence in North America.

Tesla’s supplier (NASDAQ:) said in a statement that the agreements were part of an effort to expand medium to long-term supply contracts with companies that mine and process key battery materials in North America.

The US Inflation Reduction Act (IRA), which US President Joe Biden signed into law in August, requires a percentage of critical metals used in electric vehicle (EV) batteries to come from the United States or its US free trade partner.

LG said the three Canadian miners, Electra, Avalon and Snowlake, will supply LG with 7,000 tons of cobalt sulfate for three years starting in 2023, 55,000 tons of lithium hydroxide for five years starting 2025, and 200,000 tons of lithium hydroxide For 10 years, running.

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