South Korean lithium-ion battery cell maker SK On and Australian mining company Global Lithium Resources have signed a non-binding cooperation agreement to supply key materials for electric vehicle batteries. The companies agreed to review future business opportunities including the potential development of downstream lithium deposits in Western Australia for at least two years.

SK On invests in Australian drilling projects

As part of the agreement, SK On also committed to support Global Lithium's raising of capital for its future business expansion. In doing so, SK On is set to invest in the Australian company's drilling projects -- one in the Pilbara region and the other in the Goldfields-Esperance region of Western Australia -- to recover lithium from minerals in exchange for a buy-in opportunity. The expected amount of lithium supplied by Global Lithium to SK On has not been disclosed. In an official statement, the South Korean group said the non-binding agreement will "bolster the resilience of SK On's supply chain in response to rapid business growth and geopolitical risks."

Source:

https://www.koreaherald.com/view.php?ud=20220929000567