Eye on Lithium: Honda teams up with LG Energy to build US$4.4b EV battery plant
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All your lithium news Tuesday, August 30.
Japanese car maker Honda has teamed up with South Korea’s LG Energy to form a joint venture company and produce lithium-ion batteries exclusively for Honda and Acura EV models in the North American market.
Under the agreement, the two entities will invest a total US$4b to build an EV plant, which aims to have an annual production capacity of around 40GWh.
The song remains the same: positive #lithium surprises continue on the demand side & negative surprises on the supply side. LG doesn’t currently have access to sufficient lithium for 60% of their announced capacity. https://t.co/qznQGQfEK7
— Joe Lowry (@globallithium) August 29, 2022
While the location for the EV plant is yet to be decided, construction is set to begin in early 2023, enabling the start of mass production of advanced lithium-ion battery cells by the end of 2025.
“Honda is working toward our target to realise carbon neutrality for all products and corporate activities the company is involved in by 2050,” Honda CEO Toshihiro Mibe said.
“Aligned with our longstanding commitment to build products close to the customer, Honda is committed to the local procurement of EV batteries which is a critical component of EVs.”
Ah, that’s better.
ASX lithium stocks seem to be making a comeback after yesterday’s dismal turnout – 62 companies ended the day in the green, 45 fell flat and 24 finished in red territory.
XTC’s board has engaged CONHIDRO S.R.L to conduct a Vertical Electrical Sounding (VES) survey at the Carachi Lithium Project, Catamarca Province, Argentina.
CONHIDRO is a recognised Argentinian consulting company, which has experience in providing geophysical services for the evaluation of salars in the Puna Region of Argentina.
This program will cover the Luz Maria, La Justina, Fortuna, Fortuna I, La Potola, La Sofia, Rita and Rita I areas – all located adjacent to property under exploration and development owned by Lake Resources (ASX:LKE, Kachi Lithium Project), where a Direct Lithium Extraction (DLE) processing pilot plant is being constructed.
According to XTC, the program aims confirm a previously drilled, highly conductive deeper zone that could be interpreted as a potential lithium brine target.
It will also provide guidance for the selection of future exploration well locations and is anticipated to take one month to complete.
Askari has kicked off field mapping and sampling reconnaissance exploration across its South Central Barrow Creek Lithium Project in the Arunta Province of the Northern Territory.
This most recent phase of field work targets an area in the under-explored, south central park of Barrow Creek and aims to test pegmatites that host lithologies analogous to those LCT-type pegmatites already mapped and sampled by the company in the north-east and southwest areas.
ZNC has revealed the doubling length of high-grade zinc at the Colorado Fault Zone to 2.5km within the Earaheedy Joint Venture, which has been submitted to the ASX to be demerged into separate listed entity called Mackerel Metals.
The company wishes to focus on its core lithium business where it has entered into a joint venture with EV Metals Group over Zenith’s Split Rocks and Waratah Well Projects in Western Australia.
This agreement also includes a non-exclusive right to bring additional projects to the JT by either party to explore for lithium/EV metals.
On and from completion of a feasibility study, Zenith and EVM will form a joint venture in respect of the project lithium rights.
EVM will sole fund expenditure to a decision to mine, following which the parties will be required to fund future joint venture expenditure in accordance with their respective percentage shares.