LG Chem, Huayou Cobalt to invest $922 mln in battery material production in Korea -media

SEOUL, April 14 (Reuters) - South Korea's LG Chem and China's Huayou Cobalt are expected to invest a combined 1.2 trillion won ($923 million) to build a battery material production facility in Saemangeum, South Korea, a newspaper reported on Friday.

The two companies are expected to sign a memorandum of understanding next week to cooperate in building facilities to produce 50,000 tonnes of cathode precursors, a key battery material, annually from 2029, the Korea Economic Daily reported, citing unnamed industry sources.

LG Chem did not have an immediate comment. A Huayou Cobalt official could not be immediately reached outside office hours.

($1 = 1,300.8200 won) (Reporting by Joyce Lee and Heekyong Yang; editing by Jason Neely)

Reuters

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LG Chem, Huayou Cobalt to invest $922 mln in battery material production in Korea -media

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