LG Battery subsidiary signs Lithium hydroxide supply Agreement with Australian Lithium miners

Australian lithium miner Vulcan Energy Resources announced on Monday that it had signed a lithium hydroxide supply agreement with LG Energy Solutions, a battery subsidiary of South Korea's LG Chemical, for at least five years.

Under the agreement, LG Energy Solutions will purchase 5000 metric tons of battery-grade lithium hydroxide in the first year of the transaction and 10, 000 metric tons per year thereafter.

Vulcan said in a statement that LG Energy Solutions will purchase these raw materials at market prices to produce battery cathodes.

Vulcan said its deal with LG Energy Solutions was expected to be finalised by the end of November. The deal could be extended for another five years.