[SMM Analysis] 100,000 mt of Lithium Carbonate! LG Chem Reaches Agreement with US Energy Giant

Last Thursday, South Korean chemical company LG Chem announced that it has signed a preliminary agreement with US energy giant ExxonMobil, under which the latter will supply up to 100,000 mt of lithium carbonate to the former. According to the memorandum of understanding signed by both parties, ExxonMobil is expected to start supplying lithium carbonate to LG Chem for a period of 10 years beginning in 2030. ExxonMobil began using DLE technology to extract lithium from a salt lake in Arkansas last year. LG Chem also plans to undertake joint research projects with US companies on various materials, including those used for extracting lithium from water.

"The significance of this deal lies in establishing a supply chain with ExxonMobil, the world's largest oil company," said LG Chem's vice president, noting that his company will strive to enhance its competitiveness in the global materials supply chain.

Last year, LG Chem began constructing a cathode active materials plant in Tennessee with an annual capacity of 60,000 mt, currently the largest in the US.