Cosnine Secures 20,000 Tons of Lithium from Spent Batteries... Signs Supply Contract with Chinese Company

Cosnine announced on the 5th that it has signed a letter of intent to purchase supply of approximately 5,000 tons of lithium carbonate annually with Hunan Shunhua Lithium. With this, Cosnine has secured an annual supply volume of nearly 20,000 tons of lithium carbonate.

A Cosnine official stated, "We are pleased to collaborate with Hunan Shunhua Lithium, recognized as the top company in battery recycling locally and established by industry experts led by Professor Xiao Songwen," adding, "We will strive to become a recycling specialist company that extracts rare metals from used batteries in an eco-friendly and highly efficient manner."

Earlier, in July, Cosnine signed a business agreement to receive an annual supply of 2,000 tons of lithium carbonate from Zhejiang Mingyi Lithium Battery Technology in China. It also signed a letter of intent to receive lithium within a limit of 5,000 tons from Shandong Nanbeiji New Energy. Additionally, it has been in discussions regarding letters of intent for approximately 7,000 tons with other local companies.

Founded in 2016, Hunan Shunhua Lithium is a specialized company holding 24 invention patents and over 20 utility patents related to lithium extraction technology from used batteries. This year, it was selected as an excellent company for used battery processing and a technology excellence company in Hunan Province. As of last year, its operating profit was approximately 300 million yuan (about 54.5 billion KRW), and it is expected to grow to 1 billion yuan (about 181.5 billion KRW) this year.

The company emphasized, "We have diversified our suppliers including Hunan Shunhua Lithium and secured major domestic battery partners to handle distribution and delivery."

This content was produced with the assistance of AI translation services.