South Korea’s LG Energy Solution has entered into a six-year agreement with an Australian mining company for cobalt and nickel, securing a stable supply of key minerals to make electric vehicle batteries.
LG Energy, a subsidiary of LG Chem, will purchase 71,000 dry metric tons of nickel and 7,000 dry metric tons of cobalt from Australian Mines Limited starting from the end of 2024. That’s enough raw material to make batteries for 1.3 million EVs with a driving range of over 310 miles per charge.
“Securing key raw materials and a responsible battery supply chain has become a critical element in gaining a greater control within the industry, as