LG Energy Solutions has announced an agreement with Australian Mines Limited for the supply of nickel and cobalt hydroxide from the Sconi project in north Queensland. Starting from the end of 2024, LG Energy Solutions will receive 71,000 tons of nickel and 7,000 tons of cobalt over six years. The battery materials obtained within six years could produce 1.3 million high-performance electric vehicles that can travel more than 500 kilometers on a single charge.
With the growing global demand for electric vehicles, the competition for battery raw materials is becoming more intense. Ensuring a stable supply of raw materials can give LG Energy Solutions greater control in the industry. The partnership will help LG Energy Solutions gain an edge in the supply of electric vehicles and strengthen its position as the world's leading battery manufacturer.
LG Energy Solutions bought a 7.5 percent stake in Queensland Pacific Metals Co. (QPM) for 12 billion won (about 66.78 million yuan) in June, signing a 10-year agreement to purchase 7,000 tons of nickel and 700 tons of cobalt annually from the end of 2023.
