Infinity Lithium, LG Energy Solution sign MOU for lithium hydroxide offtake

Australia-listed Infinity Lithium Corp has entered into a non-binding memorandum of understanding (MOU) for the long-term supply of battery-grade lithium hydroxide with South Korean lithium-ion battery manufacturer LG Energy Solution, the Australian company said on Monday June 28.

Under the agreement, the former will supply lithium hydroxide produced from its 75%-owned San José lithium project in Spain to the latter for an initial five-year period with the potential to continue for a further five years, it said.

Battery-grade lithium hydroxide is typically used to produce nickel-rich nickel-cobalt-manganese lithium-ion batteries for electric vehicles.

The South Korean battery manufacturer has the first right of refusal to 10,000 tonne per year of lithium hydroxide, with additional volumes subject to negotiations and agreement between both parties, it added.

The purchase price will be based on the market prices for lithium hydroxide, subject to agreement by the parties and to be finalized under the terms of a binding offtake agreement, which will be concluded within 12 months of the signing of the MOU.

The San José lithium project owns the second-largest JORC-compliant hard rock lithium deposit in the European Union.

The JORC Code – or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – is a professional code of practice that sets minimum standards for public reporting of minerals exploration results, mineral resources and ore reserves.

Fastmarkets’ assessment for lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery grade, spot price ddp Europe and US was $15.00-16.50 per kg on June 24, up by $0.50 per kg from $14.50-16.00 per kg a week earlier.

What to read next
Fastmarkets will amend the specifications of its existing price assessments for Europe/US lithium spot battery-grade and technical-grade lithium hydroxide and carbonate to remove the US footprint, and will launch weekly price assessments for spot battery-grade and technical-grade lithium hydroxide and carbonate for the United States and Canada on Thursday April 4.
The most recent financial results published by base metals mining companies highlight just how inflation is affecting profit margins, with increasing wages, financing costs and input prices all hitting profits, sources told Fastmarkets in the week to Thursday March 28
Chile’s government has laid out its plan to significantly boost the country’s lithium production, opening up 26 lithium salt flats for private investment and naming the Atacama and Maricunga salt flats as strategic to the state.
Fastmarkets has corrected its MB-STE-0034 steel domestic plate 8-40mm, exw Northern Europe and MB-STE-0035 Steel domestic plate 8-40mm, exw Southern Europe assessments, which were published incorrectly on Wednesday March 27.
The result of Albemarle’s spodumene concentrate digital bidding event on Tuesday March 26 was 9,372 yuan ($1,230) per tonne on an ex-works China basis, according to sources close to the matter
Fastmarkets is inviting feedback from the industry on the pricing methodologies for its steel hot-rolled coil index domestic, exw Northern Europe, €/tonne (MB-STE-0028) and steel hot-rolled coil index, fob mill US Midwest, $/cwt (MB-STE-0184) as part of its annual methodology review process.