S.Korea's SK On inks deal with Global Lithium Resources for lithium supply (updated)

Global Lithium Resources

29/09/2022 03:13

(Adds details, background)
       SEOUL, Sept 29 (Reuters) - South Korean battery maker SK
On said on Thursday it signed a memorandum of understanding with
Australia's Global Lithium Resources Ltd  GL1.AX  for stable
supply of lithium. 
    SK On will receive long-term supply of lithium ore called
spodumene, and have an opportunity to secure a stake in a
project pursued by Global Lithium Resources, the battery maker
said without elaborating.  
    SK On will also explore additional business opportunities in
the battery value chain, such as mining minerals with Global
Lithium Resources. 
    Australia has a free trade agreement with the United States,
which in August signed into law the Inflation Reduction Act
(IRA), SK On noted. 
    The IRA requires a percentage of critical minerals used in
electric vehicle (EV) batteries to be sourced from the United
States or from an American free-trade partner. 
 (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman &
Shri Navaratnam)
 ((joyce.lee@tr.com;))