ExxonMobil and LG Chem sign lithium supply MOU [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Lithium carbonate will be provided by ExxonMobil's planned project in the US to LG Chem's cathode plant in Tennessee. ExxonMobil Low Carbon Solutions president Dan Ammann said: “America needs secure domestic supply of critical minerals like lithium. “ExxonMobil is proud to lead the way in establishing domestic lithium production, creating jobs, driving economic growth and enhancing energy security here in the US.” LG Chem's Tennessee cathode plant, which broke ground in December 2023, is set to be the “largest” in the US, with an annual production capacity of 60,000t. The plant's strategic location offers geographic accessibility, which benefits both customer deliveries and raw material imports. The final investment decision for the plant will depend on various factors including the establishment of commercially competitive regulatory frameworks. The planned production of Mobil Lithium will utilise direct lithium extraction (DLE) technology, which aligns with ExxonMobil's
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