SK On secures lithium

SK On, which makes batteries for electric vehicles, has signed a memorandum of understanding (MOU) with Global Lithium Resources, which mines lithium from spodumene mineral at two sites in Western Australia. The two will “explore future business opportunities together in regard to stable supply of lithium”. Precise terms were not disclosed.

SK On added that it is also exploring various options to secure the supply of critical battery minerals in countries like Canada, Brazil and Argentina, having already reached an agreement with Switzerland-based Glencore, to secure cobalt supplies for six years from 2020 to 2025.

In June, SK On signed an MOU with its compatriot POSCO Holdings to strengthen collaboration across the entire battery value chain, ranging from secondary raw materials to recycling. The company, which was split off from SK in October 2021, has battery plants operating or in construction across the United States, Europe and Asia