The battery manufacturers will also call CRR and ask if they can get the lithium....More and more of these similar MOUs provide the sector a consistent message: More global battery makers or automotive suppliers will ink deals with Canadian companies due to the Inflation Reduction Act that United States President Joe Biden signed last month. Such trend will provide even more optionalities for CRR in its exciting long-term runway. ______________________
SEOUL, Sept 23 (Reuters) - South Korean battery maker LG Energy Solution (373220.KS) said on Friday it has signed agreements on lithium and cobalt sourcing with three Canadian mining firms in a bid to expand its footprint in North America.The Tesla (TSLA.O) supplier said in a statement the agreements were part of an effort to expand mid- to long-term supply contracts with companies that mine and process key 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 percentage of critical minerals used in electric vehicle (EV) batteries come from the United States or an American free-trade partner.LG said the three Canadian mining firms, Electra, Avalon and Snowlake, will supply LG with 7,000 tonnes of cobalt sulfate for three years from 2023, 55,000 tonnes of lithium hydroxide for five years from 2025, and 200,000 tonnes of lithium hydroxide for 10 years, respectively.
