Research and Development MOU for Lithium Extraction Technology
Promotion of North American Lithium Hydroxide Conversion Plant Construction

EcoPro Innovation announced on the 1st that it will promote the development of a lithium mine in Nevada, USA, in collaboration with Australian lithium company Ioneer.

Kim Yoon-tae, CEO of EcoPro Innovation, and James Callaway, Chairman of Ioneer, signed a research and development (R&D) memorandum of understanding (MOU) at EcoPro's Pohang campus on the 31st of last month. The agreement involves jointly developing technology to extract lithium from lithium clay and produce lithium hydroxide. Lithium clay is a clay-like material mixed with lithium.

Through this agreement, Ioneer plans to provide samples and basic data to EcoPro Innovation and coordinate technology development tasks through regular meetings. If the R&D is successful, EcoPro Innovation and Ioneer will promote the construction of a lithium hydroxide conversion plant in North America.

When constructing the conversion plant, Ioneer will provide lithium clay mined in Nevada, USA, to EcoPro Innovation free of charge and cooperate in the business by sharing profits from lithium hydroxide production.

The Nevada mine contains 77.4 million tons of lithium clay. Securing technology to remove impurities and extract high-purity lithium is crucial. The mining industry generally estimates the lithium extraction rate from lithium clay at 2000 ppm, so it is expected that about 1 million tons of lithium hydroxide can be produced from 77.4 million tons of lithium clay.

Lithium is one of the main raw materials used in the production of cathode materials for secondary batteries. High-purity lithium hydroxide determines stable battery quality. Lithium is extracted and processed from mines or salt lakes, then converted into lithium hydroxide, which is used in cathode material production.

On the 31st of last month, at the EcoPro Pohang Campus, Kim Yuntae, CEO of EcoPro Innovation (right), and James Callaway, Chairman of Ioniere, are holding the agreement document and posing for a commemorative photo at the MOU signing ceremony between EcoPro Innovation and Ioniere.
[Photo by EcoPro Innovation]

EcoPro Innovation possesses lithium hydroxide conversion technology supplied to cathode materials. Ioneer's selection of EcoPro Innovation as a technology partner is analyzed as a high evaluation of EcoPro Innovation's technology in the lithium conversion process.

EcoPro Innovation's sales last year were 423.6 billion KRW, with an operating profit of 142.8 billion KRW. In June this year, through a pre-IPO investment, the company was valued at 3 trillion KRW and received an investment of 400 billion KRW.

Since October 2021, EcoPro Innovation has been operating a commercial lithium hydroxide manufacturing plant with an annual capacity of 13,000 tons. It produces battery-grade high-purity lithium hydroxide using industrial lithium carbonate and recycled lithium as raw materials. The company is constructing a second plant on the Pohang campus, aiming for mass production in February 2024.

James Callaway, Chairman of Ioneer, said, "The ultimate goal of EcoPro and Ioneer is to increase the supply of refined lithium materials for the US electric vehicle supply chain and create quality jobs in Nevada and other areas."

Kim Yoon-tae, CEO of EcoPro Innovation, said, "The technology to extract lithium from clay is complex and difficult because it requires removing a large amount of impurities. Based on our experience operating Korea's first lithium hydroxide mass production plant, original patents on lithium extraction from spent batteries, and know-how in technology development, we will achieve results soon to gain a competitive edge."

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