LG New Energy will purchase 2000 tons of Natural Graphite from Australia

CTOnews.com, October 24 (Xinhua)-- LG New Energy Solutions said on Wednesday that it would purchase graphite from Australian company Syrah Resources Limited.

The South Korean battery maker says the move is aimed at reducing reliance on materials in some regions before the U. S. inflation reduction bill takes effect.

LG New Energy Solutions will purchase 2000 tons of natural graphite from Australian companies, which will begin supply in 2025.

Syrah Resources Limited owns a graphite mine in Mozambique and will start operating a production plant in Louisiana in the United States next year. This means that graphite produced in the United States will receive local subsidies for electric cars.

CTOnews.com learned that LG New Energy Solutions had previously signed similar material supply contracts with mining companies such as Electra, Avalon and Snowlake.