LS MnM Signs Memorandum of Understanding with Ulsan City for 670 Billion KRW Secondary Battery Investment

New High-Purity Metal Compound Manufacturing Facility for Secondary Batteries Established
Building a Full-Cycle Ecosystem for Secondary Batteries
Expecting Creation of Over 150 New Jobs

LS MnM announced on the 23rd that it has signed a Memorandum of Understanding (MOU) with Ulsan City for a new investment of 670 billion KRW to establish manufacturing facilities for high-purity metal compounds used in secondary batteries.

The event held at Ulsan City Hall was attended by Do Seok-gu, Vice Chairman (CEO) of LS MnM, Kim Doo-gyeom, Mayor of Ulsan, and 12 other participants.

Through this agreement, LS MnM will carry out a new investment worth 670 billion KRW in manufacturing facilities for high-purity metal compounds used in secondary batteries, which are emerging as a future core industry of Ulsan City. Additionally, LS MnM plans to cooperate with Ulsan City to create jobs and revitalize the local economy by prioritizing the employment of Ulsan citizens when hiring personnel necessary for the new investment and future factory operations.

LS MnM will construct a secondary battery materials complex factory on approximately 29,000 pyeong of land near its site within the Onsan National Industrial Complex. This factory is expected to enhance efficiency by connecting facilities that refine mixed hydroxides, an intermediate nickel material, with black mass refining facilities that preprocess waste batteries.

The products to be produced include nickel sulfate (with an annual production capacity of 22,000 tons based on nickel metal), cobalt sulfate, and manganese sulfate, which are key materials for precursors. Construction will begin in the first half of 2024 and is scheduled to be completed by early 2026. Additionally, lithium contained in black mass will be recovered through a separate process to produce lithium hydroxide, a major material for cathode active materials.

The new factory will be built on land near LS MnM’s Onsan smelter, which is expected to reduce costs by utilizing the infrastructure of the existing copper smelter. Industry experts anticipate that LS MnM will demonstrate differentiated competitiveness by leveraging its long-accumulated wet and dry smelting technologies and global raw material sourcing network.

Do Seok-gu, Vice Chairman of LS MnM, stated, "This new investment provides an opportunity to become a global leading company in the secondary battery materials sector. We will strive to enhance the global competitiveness of K-battery through continuous technology development and investment, while also increasing the company’s value."

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