(Reuters) - Lithium Australia NL said its Envirostream Australia unit has agreed to supply South Korean firm SungEel HiTech with metals to make recycled batteries.
Envirostream will supply a mix of energy metals cobalt, nickel and lithium extracted from recycled lithium-ion batteries out of Australia to the South Korean firm.
Lithium Australia, which owns 24% of Envirostream, did not disclose financial terms.
“The MoU (memorandum of understanding) with SungEel provides for immediate refining of the MMD (mixed metal dust) that Envirostream produces,” said Lithium Australia Managing Director Adrian Griffin.
Lithium miners in Australia, the world’s biggest supplier of the commodity, have been hit recently by plunging lithium prices following a change in subsidies in the Chinese electric vehicle (EV) industry.
Reporting by Shreya Mariam Job in Bengaluru; editing by Jane Wardell