LG Energy signs cobalt, lithium supply agreements with three Canadian miners

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SEOUL: South Korean battery maker LG Energy Solution said Friday it has signed agreements to procure lithium and cobalt with three Canadian mining companies in an effort to expand its footprint in North America.

The Tesla supplier said in a statement that the agreements were part of an effort to expand medium to long-term supply contracts with companies that mine and process key battery materials in North America.

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The U.S. Inflation Reduction Act (IRA), signed by U.S. President Joe Biden in August, requires a percentage of the essential minerals used in electric vehicle (EV) batteries to come from the United States or a U.S. free trade partner.

LG said the three Canadian mining companies, Electra, Avalon and Snowlake, will provide LG with 7,000 tons of cobalt sulfate for three years from 2023, 55,000 tons of lithium hydroxide for five years from 2025 and 200,000 tons of lithium hydroxide for 10 years, respectively.

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