SHANGHAI, Nov 2 (SMM) – Yahua Group (stock code: 002497) announced yesterday that it has signed a battery-grade lithium hydroxide supply contract with SK On (Shanghai), a wholly-owned subsidiary of SK On. The contract will take effect from January 1, 2023 for a period of three years, and the total supply is expected to be 20,000-30,000 mt.
The Phase II (30,000 mt) battery-grade lithium hydroxide production line of Ya'an Lithium, a subsidiary of Yahua Group, will be completed and put into operation by the end of 2022. The latest agreement will further promote the full match between downstream demand and upstream supply.
In just one month, this is the second lithium hydroxide long-term contract officially announced by SK On. Since this year, SK On has been rapidly expanding its lithium resource layout.
Lithium salt
On October 12, SK On announced that it has signed a cooperation agreement with Lake resource, an Australian lithium mining company, which is expected to acquire 10% stake in the latter and delivery of battery-grade lithium products will be started as early as Q4 2024. The contract will last for five years, with an option to extend it for five years.
On the evening of October 13, SuZhou TA&A Ultra Clean Technology announced that its subsidiaries Tianyi Lithium Industry and Sichuan TA&A have signed a supply contract with SK On with a period of 23-25 years, and it is expected to ship evenly every month. The annual shipment volume shall not exceed or fall short of the total contract agreement by 10%, and the contract will begin from January 2023.
Earlier, SK On had reached a lithium salt supply cooperation with General Lithium Corporation and Tianqi. At the same time, SK On also started its first upstream lithium mine layout attempt.
On September 29, SK On signed a lithium supply memorandum of understanding with the Australian mining company Global Lithium to accept its lithium concentrate products for a long time and seek further cooperation in the fields of subsequent mining and material production. The core project of Global Lithium is Marble Bar, and the acquisition of the Manna project was completed at the end of 2021.
In terms of lithium recycling, SK On also has plans, and said in its ESG report that it expects to invest in the construction of lithium recycling plant within this year, and plans to start operations in Europe and the United States in 2025.
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