LS MnM is planning to invest 1.16 trillion won (US$897.14 million) in building a new secondary battery material factory in Saemangeum.
On Nov. 29, LS MnM announced that it has signed a memorandum of understanding (MOU) for investment in the construction of a production facility for high-purity metallic compounds for secondary batteries. The agreement was made in collaboration with the Saemangeum Development and Investment Agency, North Jeolla Province, Gunsan City, and the Korea Rural Community Corporation. High-purity metallic compounds refer to the essential precursor materials for the production of cathode materials for secondary batteries.
In March 2026, LS MnM will begin the construction of a high-purity metallic compound production facility in Section 5 of the Saemangeum Industrial Complex, covering an area of 206,728 square meters. Production is scheduled to commence in 2029. The company aims to manufacture key materials for the cathodes of secondary batteries, including 40,000 tons of nickel sulfate, based on nickel metal, manganese sulfate, cobalt sulfate, and lithium hydroxide. The plan is to mass-produce at a capacity sufficient to supply 800,000 electric vehicles.
Previously, LS Group had signed a comprehensive investment agreement totaling 1.84 trillion won (US$1.42 billion) in Saemangeum in August. The recent investment agreement by LS MnM represents the second phase of investment, following LS Group’s initial commitment of 1.05 trillion won for LS Energy and LS Power Solution in the first phase. The new agreement reflects an increase of 370 billion won compared to the initial plan. Consequently, the overall investment scale for LS Group’s Saemangeum Industrial Complex has expanded from the initial 1.84 trillion won to 2.21 trillion won.