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On secures domestic lithium hydroxide from Posco-Pilbara JV","sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv","article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv",{"_uid":557,"date":558,"tags":559,"editor":578,"content":588,"excerpt":706,"featured":51,"reporter":707,"_editable":711,"component":712,"seo_title":553,"categories":713,"visibility":725,"author_company":49,"featured_image":726,"seo_description":706,"author_full_name":49,"author_job_title":49,"formattedDate":731,"formattedArticleDate":732},"106f0881-2daf-48bd-9835-e706ec6271a1","2024-11-27 00:00",[560,563,566,569,572,575],{"slug":561,"name":562},"asia","Asia",{"slug":564,"name":565},"pilbara-minerals","Pilbara Minerals",{"slug":567,"name":568},"posco","Posco",{"slug":570,"name":571},"sk-innovation","SK Innovation",{"slug":573,"name":574},"sk-on","SK On",{"slug":576,"name":577},"south-korea","South Korea",[579],{"slug":580,"name":581,"content":582},"didi-bostock","Didi Bostock",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Editor - Energy Transition & Economics",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":589,"content":590},"doc",[591,608,621,634,639,646,659,672,677,682,691,696,701],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,606],{"text":596,"type":597},"South Korean battery maker SK On has secured a domestic source of lithium hydroxide from ","text",{"text":599,"type":597,"marks":600},"Posco Pilbara Lithium Solution",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes?_branch_match_id=1544391463205551873&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8kKck9zTSst90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAksbm%2F0gAAAA%3D","url",{"text":607,"type":597},".",{"type":592,"attrs":609,"content":610},{"textAlign":49},[611,613,619],{"text":612,"type":597},"The deal is for up to ",{"text":614,"type":597,"marks":615},"15,000 tonnes of lithium hydroxide",[616],{"type":602,"attrs":617},{"href":618,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/lithium-hydroxide-prices-fall-for-fifth-straight-month-in-october-amid-shift-to-lfp?_branch_match_id=1544391480857909252&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd6uoKjHIcAoO8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAMDCrUEgAAAA%3D",{"text":620,"type":597}," (13,200 tonnes of lithium carbonate equivalent) over the next three years with the option to extend this for another three years.",{"type":592,"attrs":622,"content":623},{"textAlign":49},[624,626,632],{"text":625,"type":597},"Sourcing lithium chemicals locally could help SK On reduce its ",{"text":627,"type":597,"marks":628},"reliance on China",[629],{"type":602,"attrs":630},{"href":631,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2?_branch_match_id=1544391472008153377&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTyv0qQxxSSrI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAY2%2BaQEgAAAA%3D",{"text":633,"type":597},". The South Korean company has several ex-China lithium supply agreements in place alongside agreements for cobalt, graphite and cathode.",{"type":592,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":597},"“SK On is securing domestically produced lithium chemicals to diversify supply sources, and enhance their procurement competitiveness,” said Sophia Jang, a lithium price analyst at Benchmark.",{"type":640,"attrs":641,"content":643},"heading",{"level":642,"textAlign":49},4,[644],{"text":645,"type":597},"Why has SK On made the deal?",{"type":592,"attrs":647,"content":648},{"textAlign":49},[649,651,657],{"text":650,"type":597},"In 2024, three quarters of lithium hydroxide is set to be produced in China, according to ",{"text":652,"type":597,"marks":653},"Benchmark’s Lithium Forecast",[654],{"type":602,"attrs":655},{"href":656,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/lithium/data-reports/forecast",{"text":658,"type":597},". China also dominates in natural graphite, cobalt chemicals, and cathode production.",{"type":592,"attrs":660,"content":661},{"textAlign":49},[662,664,670],{"text":663,"type":597},"Although SK On, and its parent company SK Innovation, operate ",{"text":665,"type":597,"marks":666},"gigafactories in China",[667],{"type":602,"attrs":668},{"href":669,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/lithium-ions-leading-producers-in-2030-china-to-dominate-as-west-ramps-up?_branch_match_id=1544391491022405819&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwzO8ius8g4O8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA7VnLXUgAAAA%3D",{"text":671,"type":597},", the company has a sizeable footprint in the US, Hungary and South Korea.",{"type":640,"attrs":673,"content":674},{"level":642,"textAlign":49},[675],{"text":676,"type":597},"Is SK On’s lithium deal part of a trend?",{"type":592,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":597},"This deal with Posco-Pilbara is the latest in a raft of agreements SK On has made across its supply chain over the last several years, especially in lithium.",{"type":592,"attrs":683,"content":684},{"textAlign":49},[685],{"type":686,"attrs":687},"image",{"id":49,"alt":688,"src":689,"title":49,"source":49,"copyright":49,"meta_data":690},"","https://a.storyblok.com/f/287943243085208/3a46afb1ec/bm-sk-on-lithium-deals2x-1.png",{},{"type":592,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":597},"SK On is not the only company looking to secure ex-China supplies of critical minerals and materials:",{"type":640,"attrs":697,"content":698},{"level":642,"textAlign":49},[699],{"text":700,"type":597},"What is the Posco-Pilbara joint venture?",{"type":592,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":597},"The lithium hydroxide will be sourced from Posco Pilbara Lithium Solution’s 43,000 tonne LCE lithium hydroxide plant which began operating earlier this year.","South Korean battery maker SK On has secured a domestic source of lithium hydroxide from Posco Pilbara Lithium Solution. The deal is for up to 15,000 tonnes of lithium hydroxide (13,200 tonnes of lithium carbonate equivalent) over the next three years with the option to extend this for another three years. Sourcing lithium chemicals locally […]",[708],{"slug":580,"name":581,"content":709},{"job_title":583,"image":710,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"106f0881-2daf-48bd-9835-e706ec6271a1\", \"id\": \"\"}-->","article",[714,717,720,723],{"slug":715,"name":716},"batteries","Batteries",{"slug":718,"name":719},"critical-minerals","Critical Minerals",{"slug":721,"name":722},"gigafactories","Battery & Gigafactory",{"slug":724,"name":8},"lithium","private",{"id":49,"alt":727,"name":688,"focus":688,"title":727,"source":688,"filename":728,"copyright":688,"fieldtype":729,"meta_data":730,"is_external_url":51},"SK On Seosan plant. 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