On the 17 April 2023, South Korean chemical and materials company LG Chem and Chinese industrial materials company Huayou Cobalt have established a joint venture (JV) to build a cathode precursor material production facility in South Korea. Construction of the plant, located at the Saemangeum National Industrial Complex in Gunsan, will be split into two phases at a total investment cost of just over USD900 billion. The first will begin construction this year targeting an annual production capacity of 50,000 tonnes of precursor material, with SOP expected in 2026. The second phase will double the facility’s output upon completion scheduled for 2028, with a metal sulphate refinery also to be located on-site which will feed into the main cathode precursor production facility.



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