Mining Frontier
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
Mining Frontier
No Result
View All Result
Home Sectors NICKEL

LG Energy Solution inks deal with Australian mining company for nickel and cobalt

September 3, 2021
in NICKEL, Press Releases
LG Energy Solution inks deal with Australian mining company for nickel and cobalt

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 the demand for electric vehicles worldwide heightened in recent years,” LG Energy Solution CEO Jong-hyun Kim said in a statement.

The materials will be sourced from Australian Mines’ $1.5 billion Sconi Project based in Queensland, which is currently under development. The site will use a “dry stacking method” to store filtered tailings, an alternative and more eco-friendly way to manage waste from a mining site. Instead of dumping tailings into local water sources or burying them in underground quarries, dry stacking removes the water from the waste, leaving a sand-like substance that can be securely stored in management facilities.

“Although more costly compared to the conventional method due to construction and maintenance expenses, the dry stacking method is deemed an environmentally friendly way to extract raw materials,” LG Energy said in a statement.

The sole condition to the agreement is that Australian Mines secure financing for the construction of the project before the end of June next year. If secured, the agreement would account for all of the anticipated output of the site.

The two companies have the option to extend the agreement by another five years by mutual agreement.

LG Energy is a subsidiary of LG Chem, one of the world’s largest producers of batteries and battery materials. Last month, the company said it had earmarked ?6 trillion ($5.2 billion) in its battery businesses, specifically the production of anode materials, separation membranes and cathode binders. Earlier this summer, it also entered into an agreement with Queensland Pacific Metals valued at ?12 billion ($10.3 million), for 7,000 tons of nickel and 700 tons of cobalt per year over a 10-year period.

LG Chem counts Volkswagen, General Motors and Tesla amongst its customers. It said it anticipates the global battery market only expanding in the coming years, from ?39 trillion ($34 billion) in 2021 to ?100 trillion ($87 billion) by 2026.

It isn’t the only major player vying to secure sources of raw materials. In a move to obtain its own battery source, Tesla inked a deal with commodity production giant BHP in July for nickel from its mines in Western Australian.

Previous Post

Jubilee and Mopani Copper Mines enter MoU for refining facility

Next Post

Hexagon and Volvo to provide autonomous safety systems for mining

Related Posts

LG Energy Solution inks deal with Australian mining company for nickel and cobalt
Press Releases

Orica launches lower environmental impact Fortis Protect range of bulk explosives

May 10, 2022
Rio Tinto’s Resolution Copper project
Press Releases

thyssenkrupp to build first in the world Rail Running Conveyor systems for Tier 1 copper miner

May 10, 2022
Bryah mining
Press Releases

Elastomers Australia develops fire retardant screen media panels for Rio Tinto Iron Ore

May 9, 2022
Sedgman wins contract for QCoal's $1.76bn Byerwen mine in Australia
Press Releases

Bowen Coking Coal brings BUMA Australia on-board for Broadmeadow East project

May 9, 2022
GE Digital Evolution Mining
Press Releases

Exyn Technologies partners with Maestro Digital Mine

March 4, 2022
Barrick Gold Corporation
COAL

Zyfra Group to help coal mining giant SUEK implement automated production management system

February 3, 2022
Next Post
Hexagon and Volvo to provide autonomous safety systems for mining

Hexagon and Volvo to provide autonomous safety systems for mining

No Result
View All Result

Recent Posts

  • FIRST MODE POWERS WORLD LARGEST ZERO-EMISSION VEHICLE FOR MINING GIANT ANGLO AMERICAN
  • Vale and Nippon Steel to evaluate carbon-neutral ironmaking solutions
  • Orica launches lower environmental impact Fortis Protect range of bulk explosives
  • FLSmidth to supply Sabina Gold & Silver with full flowsheet offering at Goose gold mine
  • thyssenkrupp to build first in the world Rail Running Conveyor systems for Tier 1 copper miner
Mining Frontier

System

  • Search
  • Sitemap
  • Feed

Resources

  • Contact US
  • Download Mediapack
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
  • Projects
  • Events & Conferences
  • Contact US
  • More

© 2019 Copyright Valuemediaservices All rights reserved.

No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022

© 2019 Copyright Valuemediaservices All rights reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In