Acquires 8.75% Stake in Tianqi Lithium

LG Chem has acquired a 8.75 percent stake in China's Tianqi Lithium.

LG Chem acquired 8.75 percent of Tianqi Lithium in the Hong Kong stock market last month. Tianqi Lithium is the largest lithium supplier in China and the largest lithium extractor in the world.

Recently, the two companies signed a contract in June this year for lithium hydroxide supply in 2023 to 2026. Three years ago, LG Chem signed another lithium hydroxide supply contract with Tianqi Lithium Kwinana, its subsidiary in Australia.

This year, the global lithium price is showing no signs of falling. On Aug. 16, it was 464.5 yuan per kilogram. The all-time high, 472.5, was recorded in March this year. The price almost doubled from January to the second week of this month.
 

LG Chem is trying harder than before to procure more EV battery materials such as lithium and nickel. It recently formed a consortium with LG Energy Solution and POSCO Holdings in order to invest US$9.8 billion and expand their smelting, refining and component manufacturing processes in Indonesia, which has the world’s largest nickel reserves.

In April, LG Chem concluded an investment agreement with Indonesian mining company Antam. LG Chem and LG Energy Solution are investing 60 billion won in Li-Cycle, the largest battery recycler in North America, and the latter is supposed to supply 20,000 tons of nickel to the former in 2023 to 2032.

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