Seoul: LG Chem Ltd., South Korea's leading chemical company, announced on Thursday that it has signed a preliminary agreement with U.S. energy giant Exxon Mobil Corp. for the supply of up to 100,000 tons of lithium carbonate. This material is essential for manufacturing cathodes used in batteries.According to Yonhap News Agency, the memorandum of understanding outlines that Exxon Mobil will deliver the lithium carbonate over a 10-year period starting in 2030. The agreement also includes plans for joint research projects between the two companies on various materials, including reverse osmosis membranes, which are employed in extracting lithium from water.Exxon Mobil initiated lithium mining activities from a saline lake in Arkansas last year, utilizing the direct lithium extraction method. Shin Hak-cheol, vice president of LG Chem, emphasized the significance of the deal, stating, "This deal is meaningful in that we have established a supply chain with Exxon Mobil, the world's biggest oil company." He hig hlighted LG Chem's intention to enhance its competitiveness in the global materials supply chain.In a related development, LG Chem began constructing a cathode plant in Tennessee last year. Upon completion, the facility is expected to have an annual production capacity of 60,000 tons, making it the largest cathode plant in the United States.
- October 12, 2026
