The joint ventures will start producing precursors and cathodes from 2020 with an estimated annual capacity of 40,000 tons for about 400,000 electric vehicles that can drive up to 320 kilometers when fully charged.
The capacity will be increased up to 100,000 tons in accordance with future demand, the company said.
“The latest partnership will ensure LG a stabilized supply chain of cobalt and other key materials for batteries,” the company said in a press release.
The contract appears crucial for the battery maker, which has been facing rising concerns about increasing cobalt prices. It is part of the company’s efforts to strengthen the supply chain after acquiring cathode producer GS EM in 2016 and a 10 percent stake in nickel sulfate provider Chemco in 2017.
“By partnering with Huayou, LG will be supplied with the materials ahead of others,” the company’s statement said.
The precursors and cathodes produced in China will be used at LG Chem’s battery plants in Nanjing, China, and Wroclaw, Poland, for commercialization.
“LG Chem will establish a strong vertical supply chain to provide high quality batteries for customers,” said Park Jin-soo, vice chairman and CEO of LG Chem.
Plant in China and Poland and now possibly DRC.
Cobalt secured, now need further supplies good quality lithium for lithium hydroxide.
Orecobre maybe cannot meet all of LG CHEM requirements ???
510 Posts.
516
Date:
15/07/21
Time:
10:20:27
Post #: 54517008
Something has caught my eye here tom and I'm putting two and two together. The south Korean's have announced their plan for blitzkrieg and the investment of some 4.5 billion into the raw materials sector. Lithium and tin was mention to be sourced from the DRC. The DRC only has one massive Lithium and Tin deposit as we know that to be Manono.
In the video from the Koreans they stated they want to open a battery plant in LUALABA. Where is LUALABA you ask??
Check out PIC 2, its very close to KOLWEZI. We already have in place a route from Manono to Kabongo Dianda by road. Then from Kabongo Dianda to KOLWEZI by rail on SNCC.
Looking at PIC 2 we can see how close KOLWEZI is to LUALABA!
Then the south Koreans could export their batteries as a whole through the Westwards through the port of LOBITO to the European / American market
It all seems way too much of a coincidence, the Koreans announcing their plans with our mine so very close and supply routes not far at all for some Primary lithium sulfate!!
Very F**king interesting to say the least! Out of the $$$ 4.5 billion , certainly the money flow will go towards infrastructure around KOLWEZI to secure minerals.
Certainly very interesting regarding competition with China and Pan African DFI seeing potential growth for AVZ Manono.
ALL IMO
AVZ Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
(20min delay)