Aug 16 (Reuters) - Australian Mines Ltd (AUZ) signed a deal with the battery unit of South Korea's LG Chem 051910.KS on Monday to supply 100% of the projected nickel and cobalt output from the miner's flagship Sconi Project in North Queensland.
The six-year binding offtake deal secures key metals for LG Energy Solution used to make lithium-ion batteries that go into electric vehicles at a time when battery producers around the world are scouring for supply.
Under the terms of the deal, Australian Mines will supply 71,000 dry metric tonnes (dMt) of nickel and 7,000 dMt of cobalt from its Sconi project from 2024.
Australian Mines' Sconi project has a 30-year life span and is expected to produce 1.4 million tonnes of nickel sulphate and 0.2 million tonnes of cobalt sulphate over that period.
The agreement, however, is conditional on Australian Mines securing financing to construct the project by the end of June 2022, the miner said in a statement.
Aug 16 (Reuters) - Australian Mines Ltd (AUZ) signed a deal...
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