LG Chem signs deal with Exxon Mobil to secure 100,000 tons of lithium carbonate
LG Chem-Exxon Mobil deal
SEOUL, Nov. 21 (Yonhap) -- LG Chem Ltd., South Korea's leading chemical company, said Thursday it has signed an initial agreement with U.S. energy giant Exxon Mobil Corp. to get a supply of up to 100,000 tons of lithium carbonate, a key material for creating cathodes for batteries.
Under the memorandum of understanding, Exxon Mobil will provide the lithium carbonate to LG Chem for 10 years from 2030, the Korean company said.
It also plans to conduct joint research projects with Exxon Mobil on various materials, including reverse somosis membranes used for removing lithium from water.
Exxon Mobil began mining lithium from a saline lake in Arkansas last year, using the direct lithium extraction method.
"This deal is meaningful in that we have established a supply chain with Exxon Mobil, the world's biggest oil company," Shin Hak-cheol, vice president of LG Chem, said, noting his company will push to strengthen its competitiveness in the global materials supply chain.
LG Chem began the construction of a cathode plant in Tennessee last year with an annual production capacity of 60,000 tons, the biggest in the U.S.
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