LG New Energy signs Purchasing 700000 tons of dry Lithium concentrate

Organized and released on January 14, 2022: January 13 news, according to foreign media reports, with the substantial increase in the demand for electric vehicles, the demand for power batteries is also increasing year by year, and the major battery manufacturers are also trying their best to increase their production capacity. to meet strong market demand and gain more market share.

LG new energy

The major battery manufacturers increase their production capacity to gain more market share, which drives up the demand for various raw materials, and the major manufacturers are also making plans in advance to ensure an adequate supply of materials to ensure production.

According to the latest reports from foreign media, LG New Energy, which is second only to Ningde in the global market share of power batteries, has signed a preliminary agreement with the same miner to purchase 700000 tons of dry lithium concentrate.

According to foreign media reports, the news that LG New Energy has signed a preliminary agreement to purchase 700000 tons of dry lithium concentrate was disclosed by miner Liontown Resource in a document. They reached a five-year agreement with LG New Energy to supply spodumene concentrate from 2024, with a potential extension option of five years.

Spodumene concentrate is the raw material for lithium chemicals needed to produce batteries for electric cars, and the spodumene concentrate supplied by Liontown Resource to LG New Energy will be produced from their $341 million lithium mine project in western Australia.

Foreign media reported that 700000 tons of spodumene concentrate could be enough for battery manufacturers to produce batteries for about 2.5 million electric vehicles. Under the five-year agreement reached between LG New Energy and Liontown Resource, the latter will supply an average of about 500000 lithium mines for electric vehicle batteries to LG New Energy each year.