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South Korean battery maker LG Energy Solution said Friday it has signed lithium and cobalt purchase agreements with three Canadian mining companies to expand its operations
in North America.
The Tesla supplier said in a statement that the agreements are part of
an expanded medium- to long-term supply contract with companies that mine and process critical battery materials in North America.
The U.
S.
Inflation Reduction Act (IRA), signed into law by U.
S.
President Joe Biden in August, requires a certain percentage of key minerals used in electric vehicle batteries to come from the U.
S.
or its free trading partners
.
LG said the three Canadian mining companies, Electra, Avalon and Snowlake, will supply LG with 7,000 tonnes of cobalt sulphate for three years from 2023 for three years, 55,000 tonnes of lithium hydroxide for five years from 2025 and 200,000 tonnes of lithium
hydroxide for ten years.
South Korean battery maker LG Energy Solution said Friday it has signed lithium and cobalt purchase agreements with three Canadian mining companies to expand its operations
in North America.
The Tesla supplier said in a statement that the agreements are part of
an expanded medium- to long-term supply contract with companies that mine and process critical battery materials in North America.
The U.
S.
Inflation Reduction Act (IRA), signed into law by U.
S.
President Joe Biden in August, requires a certain percentage of key minerals used in electric vehicle batteries to come from the U.
S.
or its free trading partners
.
LG said the three Canadian mining companies, Electra, Avalon and Snowlake, will supply LG with 7,000 tonnes of cobalt sulphate for three years from 2023 for three years, 55,000 tonnes of lithium hydroxide for five years from 2025 and 200,000 tonnes of lithium
hydroxide for ten years.
