SK Innovation (KRX:096770) subsidiary SK On signed a deal with POSCO-Pilbara Lithium Solution to procure up to 15,000 tons of lithium hydroxide annually from 2025 to 2027, with an option to extend, Pulse News reported Monday.
POSCO Pilbara Lithium Solution, established in 2021, is a venture between POSCO Holdings (KRX:005490) and Pilbara Minerals (ASX:PLS).
The material, produced in Gwangyang from Australian lithium concentrate, will lower SK On's reliance on Chinese imports. The agreement strengthens the company's raw material procurement strategy, the report said.
Shares of SK Innovation fell nearly 1% in recent trade on Tuesday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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