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Huayou expands to South Korea with LG cathode stake","chinas-huayou-expands-to-south-korea-with-lg-cathode-stake","article/chinas-huayou-expands-to-south-korea-with-lg-cathode-stake",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":653,"featured":51,"reporter":654,"_editable":658,"component":659,"seo_title":553,"categories":660,"visibility":666,"author_company":49,"featured_image":667,"seo_description":653,"author_full_name":49,"author_job_title":49,"formattedDate":672,"formattedArticleDate":673},"bb686d0a-5990-41b9-a853-a662238a172a","2022-05-31 00:00",[560],{"slug":561,"name":562},"china","China",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,588,603,616,621,626,631,636,648],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"China’s Huayou Cobalt said it would acquire a 49% stake in LG Chem’s cathode plant in South Korea, in a deal that expands its global footprint in the battery industry.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Huayou and LG said the two companies would invest 437.1 billion won ($352 million) in its plant in Gumi to expand production to 60,000 tonnes a year by 2026, enough for around 500,000 electric vehicles.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"The deal deepens Huayou’s ",{"text":594,"type":582,"marks":595},"collaboration with LG",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/lg-chem-huayou-cobalt-deal-reshapes-cathode-landscape-for-electric-vehicle-batteries","url",{"text":602,"type":582},", and expands its presence in the higher-value cathode supply chain. For LG, it ensures the cathode plant has enough supplies of battery raw materials such as cobalt and nickel.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":582},"LG Chem is a key supplier of high-nickel battery materials to Tesla, via its subsidiary",{"text":609,"type":582,"marks":610}," LG Energy Solution",[611],{"type":597,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo",{"text":615,"type":582},", which listed on the South Korean stock market in January.",{"type":577,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":582},"“The establishment of the joint venture further cements our vertical integration system with key raw materials to produce affordable, high quality cathode materials,” LG Chem’s chief executive Shin Hak-cheol, said. “We will continue to strengthen our efforts to supply best-in-class battery materials to our customers.”",{"type":577,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":582},"Huayou said the joint venture would produce nickel, cobalt manganese aluminium (NCMA) cathode material, starting in the second half of 2024 with 30,000 tonnes of production, and ramping up to 60,000 tonnes by 2026.",{"type":577,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":582},"Last year Huayou produced 54,767 tonnes of cathode materials, an increase of 96% from a year earlier.",{"type":577,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":582},"Huayou is China’s largest cobalt refiner but is also investing heavily in nickel processing plants in Indonesia, with a goal to produce between 80,000 to 90,000 tonnes of nickel this year.",{"type":577,"attrs":637,"content":638},{"textAlign":49},[639,641,646],{"text":640,"type":582},"LG has a precursor plant in China, next to Huayou’s refinery in Quzhou. Huayou and LG also have ",{"text":642,"type":582,"marks":643},"two joint venture companies",[644],{"type":597,"attrs":645},{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},{"text":647,"type":582}," in China for precursor and cathode materials.",{"type":577,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":582},"“This partnership is another critical step in the expansion of B&M’s cathode business in the global market, a key component of our metal supply strategy,” Chen Xuehua, chairman of Huayou Cobalt, said. “The combination of LG Chem’s competitive technological edge and dominant market share with the strong value chain capability of Huayou Cobalt will contribute greatly to advancing the global lithium battery sector.”","China’s Huayou Cobalt said it would acquire a 49% stake in LG Chem’s cathode plant in South Korea, in a deal that expands its global footprint in the battery industry. Huayou and LG said the two companies would invest 437.1 billion won ($352 million) in its plant in Gumi to expand production to 60,000 tonnes […]",[655],{"slug":565,"name":566,"content":656},{"job_title":568,"image":657,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bb686d0a-5990-41b9-a853-a662238a172a\", \"id\": \"\"}-->","article",[661,664],{"slug":662,"name":663},"batteries","Batteries",{"slug":665,"name":299},"cathode","private",{"id":49,"alt":668,"name":668,"focus":668,"title":668,"source":668,"filename":669,"copyright":668,"fieldtype":670,"meta_data":671,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/b97a42af7c/bm-lg-towers-8-e1654016054587.jpg","asset",{"alt":668,"title":668,"source":668,"copyright":668},"May 31, 2022","31st May 2022",[],[],1792773927038]