The Arkansas brine field is estimated to hold 4 million tons of lithium carbonate, sufficient for producing batteries for 50 million electric vehicles.“America needs a secure domestic supply of critical minerals like lithium,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions.“ExxonMobil is proud to lead the way in establishing domestic lithium production, creating jobs, driving economic growth, and enhancing energy security here in the United States.”LG said the final contract with ExxonMobil will be subject to various factors including the establishment of commercially competitive regulatory frameworks.
LG Chem is the parent of LG Energy Solution Ltd., the world’s third-largest battery maker.“Building a lithium supply chain with ExxonMobil, one of the world’s largest energy companies, holds great significance,” said Shin Hak-cheol, chief executive of LG Chem.“We will continue strengthening LG Chem’s competitiveness in the global supply chain for critical minerals.”LG Chem’s Tennessee cathode plant broke ground in December 2023 and is expected to have an annual production capacity of 60,000 tons.
Under the agreement, ExxonMobil will supply lithium carbonate produced from its lithium brine fields in Arkansas to LG Chem's cathode plant in Tennessee – the largest battery materials plant in the country.
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