SK On will have an opportunity for funding and offtake deals with Global Lithium Resources for the latter’s Marble Bar lithium project in the Pilbara region and/or the Manna lithium project in Western Australia
Signing of the MoU between Global Lithium Resources and SK On. (Credit: Global Lithium Resources Limited)
Australian lithium explorer Global Lithium Resources has signed a non-binding memorandum of understanding (MoU) with South Korean battery manufacturer SK On to bolster the latter’s supply chain of key battery materials.
The MoU is for an initial period of two years.
The partnership intends to explore the possible development of downstream integrated battery grade lithium assets.
As per the terms of the MoU, SK On will assist future capital raisings of Global Lithium Resources to enable the Australian firm’s business expansion and development.
The electric vehicle (EV) battery manufacturer will also have an opportunity for funding and offtake deals with Global Lithium Resources for the latter’s 100% owned Marble Bar lithium project in the Pilbara region and/or the 80% owned Manna lithium project in the Goldfields region in Western Australia.
According to Global Lithium Resources, the Marble Bar and Manna lithium projects have a total inferred mineral resource of 18.4Mt @ 1.06% Li2O.
SKO vice president Jinsuk Ryu said: “I am very delighted to announce the Non-Binding MOU with Global Lithium, a promising Australian lithium company, which will strategically support SKO’s global production and mutually explore potential business opportunities.
“Through this MOU, I strongly believe that both parties will support each other to accelerate the growth of business and cooperate further to explore potential opportunities in the EV supply chain.”
As part of the partnership, Global Lithium Resources and SK On will jointly explore future business opportunities pertaining to the stable supply of lithium, which is a key raw material for EV battery.
Global Lithium Resources managing director Ron Mitchell said: “The lithium and EV markets have experienced significant growth over the past two years and this expansion is only set to accelerate as demand for lithium-ion batteries increases.
“A partnership such as this will help position Global Lithium to be a key supplier of lithium to aid the continued sustainable development of the industry.”