BMW and SK Innovation lock in Raw Materials supplies
SK Innovation has signed a 6-year offtake agreement with Glencore amounting to 30Kt of material between 2020-25. SKI has said that this will be enough cobalt to produce up to three million EVs. The company plans to “do our best to ensure that the cobalt is produced in a responsible manner”. This will involve both parties receiving independent third party audits every year throughout the contract period. BMW has agreed a five-year offtake agreement with Ganfeng Lithium which the automaker suggests should cover 100% of its lithium hydroxide requirements for its fifth generation EV batteries. This is in line with...