LG Energy Solutions Energy Solutions signed an agreement with three Canadian mining companies to facilitate market expansion.

(AFP)

[Financial Channel/Comprehensive Report] South Korean battery maker, LG Energy Solutions said on Friday (22nd) that it has signed lithium and cobalt purchase agreements with three Canadian mining companies to expand its business in North America.

LG, a Tesla supplier, said the lithium and cobalt purchase agreement was part of an expansion of its North American operations.

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US President Biden signed the Inflation Reduction Act (IRA) in August, which requires a certain percentage of key minerals used in electric vehicle (EV) batteries to come from the US or a US free trade partner.

LG said that the three Canadian mining companies Electra, Avalon and Snowlake will supply 7,000 tons of cobalt sulfate to LG from 2023, 55,000 tons in 5 years from 2025, and 200,000 tons in 10 years from 2030. .

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