
September 28, 2022
Partnership to Explore Business Opportunities including Development of Downstream Lithium Assets
Growing multi-asset West Australian lithium company Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company”) is pleased to announce it has signed a Non-Binding Memorandum of Understanding (MOU) with leading Korean battery manufacturer SK On Co., Ltd (SKO) to explore a range of future business opportunities.
Key Highlights
- Memorandum of Understanding (“MOU”) signed with Korea’s SK On Co., Ltd (“SKO”), a leading global electric vehicle battery cell manufacturer
- SKO supplies batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen
- MOU establishes partnership to explore future business opportunities including potential development of downstream lithium assets
- Strategic partnership to consider:
- Potential opportunities for collaboration in electric vehicle (EV) and battery material supply chains
- Potential investment and offtake opportunities at Global Lithium’s Marble Bar Lithium Project and/or the Manna Lithium Project
- Support for future GL1 capital raisings to enable business expansion and development
- MOU to have an initial two-year term
SKO is one of the fastest-growing battery manufacturers in the industry, with battery production facilities operating in countries including the U.S., China, Hungary and Korea. SKO supplies batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen.
SKO, an affiliate of Korea’s second-largest conglomerate SK Group, has a strong order backlog of 1,600GWh as of 2021.
Under the terms of the MOU, Global Lithium and SKO intend to explore future business opportunities including the potential development of downstream integrated battery grade lithium assets for an initial two-year period. The MOU will also consider:
- SK On to potentially support future Global Lithium capital raisings to enable business expansion and development.
- Potential investment and offtake opportunities at Global Lithium’s Marble Bar Lithium Project in the Pilbara region and/or the Manna Lithium Project in the Goldfields region.
- Potential opportunities for collaboration in electric vehicle (EV) and battery material supply chains.
The term of the MOU is two years unless it is extended or terminated earlier by mutual agreement or superseded by a definitive agreement related to a joint venture, partnership and/or offtake agreement.
Click here for the full ASX Release
This article includes content from Global Lithium Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Conversation (0)
16 September
Lithium Argentina Closes US$180 Million Ganfeng Expansion Deal
Lithium Argentina (TSX:LAR,NYSE:LAR) closed a US$180 million investment from Ganfeng Lithium (HKEX:1772,OTCPL:GNENF) this week (September 15) to fund the expansion of its South American operations.Ganfeng structured the capital injection as an unsecured convertible note carrying a 4.0 percent... Keep Reading...
03 September
CATL Suspends China’s Top Lithium Mine on Permit Loss
Contemporary Amperex Technology (SZSE:300750,HKEX:3750) (CATL) has placed its Jianxiawo lithium mine back on care and maintenance after Chinese regulators revoked the site’s environmental approval, indefinitely stalling the country’s largest lithium operation by capacity.According to a report by... Keep Reading...
01 September
Smackover Lithium and LG Energy Ink Decade-Long Supply Agreement
LG Energy Solution (KRX:373220) signed a binding 10 year take-or-pay agreement to secure 80,000 metric tons (MT) of battery-grade lithium carbonate from Smackover Lithium.Total supply volume will provide enough cathode material to produce batteries for approximately 1.8 million high-performance... Keep Reading...
26 August
Webbs Silver: 300M Expansion, 3rd Rig Added!
Rapid Critical Metals Limited (ASX: RCM, RCMO) (“Rapid” or “the Company”) is pleased to announce a standout set of silver assay results from the ongoing drilling program at its 100%-owned Webbs Silver Project in northern New South Wales (Webbs or the Project), headlined by 4m at 1,230 g/t AgEQ... Keep Reading...
19 August
Lithium Chile Challenges Canadian Review of China Deal
Lithium Chile (TSXV:LITH,OTCPL:LTMCF) is challenging the Canadian government’s jurisdiction over a national security review that threatens to stall the sale of its Argentine subsidiary to China Union Holdings.The Calgary-based exploration company announced it is evaluating legal and... Keep Reading...
10 August
Batteries: A Strategic Asset for National Security
The battery narrative largely focuses on electric vehicles (EVs) and electronics, but batteries also play a pivotal role in defense applications, a segment that is becoming key amid heightened geopolitical tensions. From emergency response equipment and communications infrastructure to broader... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00





